Ch 9 Facing Bankrupcy

[eelofwest]

NINE Entertainment boss David Gyngell has locked in a deal with lenders that leaves the company "safe" and debt free just hours after the birth of his son.

After a marathon two days of negotiations, Mr Gyngell rushed from the meeting last night to be by wife Leila McKinnon's side as she gave birth to their first child, Edmund.

A relieved-looking Mr Gyngell this afternoon emerged from a meeting of creditors in Sydney to announce that "there is a deal'' and the company, owner of the Nine Network, is now free of it's reported $3.3 billion dollar debt.

"We have a fully capitalised business," he said.

Read the Nine Network's statement

"All those doomsayers out there are going to have to eat their words.

"We have never had a more powerful balance sheet.

"We are ready to rock and roll for next year."

Nine owed $2.3 billion to US hedge funds Apollo and Oaktree and a further $1 billion to investment bank Goldman Sachs.

Each lender has taken a stake in the company in return for its debt, with the hedge funds taking the largest share.

In a statement released this afternoon, the Nine Network says NEC and its lenders intend to go ahead with the restructure through schemes of arrangement to be implemented over the next three months.

''As soon as the restructure is effected, all the existing senior and mezzanine debt will be converted to equity and the Group will have no debt. In exchange for cancellation of existing senior and mezzanine debt, senior lenders will collectively receive 95.5% of the equity in the Group with mezzanine lenders receiving the remaining 4.5%,'' the statement says.

''Full details of the restructure will be contained in the scheme booklets which are expected to be lodged with ASIC in late November.''

Announcing the breakthrough deal, Peter Bush, chairman of NEC, said: ''We believe this is an outstanding outcome for all stakeholders. The business has great momentum and strong cash flow, and now it will have the strongest balance sheet in the industry. It puts the company in a remarkable position to build on the successes of 2012.''

Mr Bush said the trading and operating activities of the Nine Network and Ticketek continue as normal.

Customers, employees and business partners of both businesses will be unaffected by the restructure.

http://www.dailytelegraph.com.au/busine ... 6497834135

Looks like the NRL's 1.2-1.3b TV deals are no longer in Jeopardy..

show us the link for their 1.3b please....

1.035b + 100m NZ sky maybe more, Internet online rights AFL got 153m lets be conservative and say we get 100m for online rights. Total = 1.235m that is what i said 1.2-1.3 is it that hard for you to comprehend what we will be getting for our TV rights as a whole or are you berrying your head in the sand Xman.......i know it pains you to see the NRL get more for tv rights but hey you need to build a bridge and get over it.

We all know that the AFL are looking to get into NZ as a AFL market because of what the NRL/RL has done in making their own patch (soon to be 100m+) in NZ.

The AFL know this is a lucrative market and this is why we see them taking games to NZ next year.

Do you think NZ is a lucrative market Xman?

Another questions do you think the AFL will risk NZ? As they already have a lot on their plate with GWS,SUNS, PORT.

[MarkZZZ]

Life will go on as is. The creditors will take over the network in a "debt for stock deal" and life will go on.

Basic business transaction, I don't know what all the kerfuffle was all about.

[Xman]

NINE Entertainment boss David Gyngell has locked in a deal with lenders that leaves the company "safe" and debt free just hours after the birth of his son.

After a marathon two days of negotiations, Mr Gyngell rushed from the meeting last night to be by wife Leila McKinnon's side as she gave birth to their first child, Edmund.

A relieved-looking Mr Gyngell this afternoon emerged from a meeting of creditors in Sydney to announce that "there is a deal'' and the company, owner of the Nine Network, is now free of it's reported $3.3 billion dollar debt.

"We have a fully capitalised business," he said.

Read the Nine Network's statement

"All those doomsayers out there are going to have to eat their words.

"We have never had a more powerful balance sheet.

"We are ready to rock and roll for next year."

Nine owed $2.3 billion to US hedge funds Apollo and Oaktree and a further $1 billion to investment bank Goldman Sachs.

Each lender has taken a stake in the company in return for its debt, with the hedge funds taking the largest share.

In a statement released this afternoon, the Nine Network says NEC and its lenders intend to go ahead with the restructure through schemes of arrangement to be implemented over the next three months.

''As soon as the restructure is effected, all the existing senior and mezzanine debt will be converted to equity and the Group will have no debt. In exchange for cancellation of existing senior and mezzanine debt, senior lenders will collectively receive 95.5% of the equity in the Group with mezzanine lenders receiving the remaining 4.5%,'' the statement says.

''Full details of the restructure will be contained in the scheme booklets which are expected to be lodged with ASIC in late November.''

Announcing the breakthrough deal, Peter Bush, chairman of NEC, said: ''We believe this is an outstanding outcome for all stakeholders. The business has great momentum and strong cash flow, and now it will have the strongest balance sheet in the industry. It puts the company in a remarkable position to build on the successes of 2012.''

Mr Bush said the trading and operating activities of the Nine Network and Ticketek continue as normal.

Customers, employees and business partners of both businesses will be unaffected by the restructure.

http://www.dailytelegraph.com.au/busine ... 6497834135

Looks like the NRL's 1.2-1.3b TV deals are no longer in Jeopardy..

show us the link for their 1.3b please....

1.035b + 100m NZ sky maybe more, Internet online rights AFL got 153m lets be conservative and say we get 100m for online rights. Total = 1.235m that is what i said 1.2-1.3 is it that hard for you to comprehend what we will be getting for our TV rights as a whole or are you berrying your head in the sand Xman.......i know it pains you to see the NRL get more for tv rights but hey you need to build a bridge and get over it.

We all know that the AFL are looking to get into NZ as a AFL market because of what the NRL/RL has done in making their own patch (soon to be 100m+) in NZ.

The AFL know this is a lucrative market and this is why we see them taking games to NZ next year.

Do you think NZ is a lucrative market Xman?

Another questions do you think the AFL will risk NZ? As they already have a lot on their plate with GWS,SUNS, PORT.

I said show the link Hmmmmmmm

[Drac]

Xman the maths is simple:

$925m + Leprechaun Gold = $1.3billion

[Raiderdave]

show us the link for their 1.3b please....

1.035b + 100m NZ sky maybe more, Internet online rights AFL got 153m lets be conservative and say we get 100m for online rights. Total = 1.235m that is what i said 1.2-1.3 is it that hard for you to comprehend what we will be getting for our TV rights as a whole or are you berrying your head in the sand Xman.......i know it pains you to see the NRL get more for tv rights but hey you need to build a bridge and get over it.

We all know that the AFL are looking to get into NZ as a AFL market because of what the NRL/RL has done in making their own patch (soon to be 100m+) in NZ.

The AFL know this is a lucrative market and this is why we see them taking games to NZ next year.

Do you think NZ is a lucrative market Xman?

Another questions do you think the AFL will risk NZ? As they already have a lot on their plate with GWS,SUNS, PORT.

I said show the link Hmmmmmmm

again

I invite you to give us your estimate for what the NRL's broadcast rights will be worth when its finalised
go on d head

give us a figure
we're at 1.025 Bill without online rights & the NZ deal
give us yr best shot

of course .. lets hope its a bit better then your prediction earlier this year ... we'd only get 700 mill .... all up

[Raiderdave]

Xman the maths is simple:

$925m + Leprechaun Gold = $1.3billion

you can have a dig at it too sh.it for brains ... whats our final figure going to be ?

[Drac]

Xman the maths is simple:

$925m + Leprechaun Gold = $1.3billion

you can have a dig at it too sh.it for brains ... whats our final figure going to be ?

That's the point. Noone knows yet. You can't go around saying it's $1.3b when it hasn't been announced yet. We don't know how much Sky NZ is going to bid. We still don't know the extent to which Fox's deal covers online and tablet rights for their games, and how that may or may not affect the value of online rights.

We don't know, so it's absurd to assign a figure to it and pass it off as FACT.

[Xman]

Xman the maths is simple:

$925m + Leprechaun Gold = $1.3billion

you can have a dig at it too sh.it for brains ... whats our final figure going to be ?

That's the point. Noone knows yet. You can't go around saying it's $1.3b when it hasn't been announced yet. We don't know how much Sky NZ is going to bid. We still don't know the extent to which Fox's deal covers online and tablet rights for their games, and how that may or may not affect the value of online rights.

We don't know, so it's absurd to assign a figure to it and pass it off as FACT.

=D> exactly my point!

[piesman2011]

If channel 9 goes into receivership how much of the 1.025 billion could the NRL loose?

[cos789]

Despite the attempts of positive spin by the head of ch9, this is the reality.
The people who owned ch9 no longer own it.
The debters exchanged debt for ownership.
So a group of bankers now own Ch9.
Ch9 is now valued at $2.3 billion less than half it was only 5 yeras ago.
What's the nett result? The owners are bankers so anything from drastic cost cutting to breaking up of the assits.
How's this affect the NRL? I'm not sure, but I don't think it's good news.

.

[Drac]

Don't expect too much innovation/improvement in Nine's nRL coverage over the next 5 years.

[Raiderdave]

Xman the maths is simple:

$925m + Leprechaun Gold = $1.3billion

you can have a dig at it too sh.it for brains ... whats our final figure going to be ?

That's the point. Noone knows yet. .

its called an esimate you gutless sh.it
we know what the Aust TV component is .... we know what the NZ'ers paid for their previous deal
we know what the VFL got for its online rights

so .... anyone with b@lls would be able to make an estimate no probs
hmmm

we'll I've put a spanner in the works there haven't I ?

[Raiderdave]

you can have a dig at it too sh.it for brains ... whats our final figure going to be ?

That's the point. Noone knows yet. You can't go around saying it's $1.3b when it hasn't been announced yet. We don't know how much Sky NZ is going to bid. We still don't know the extent to which Fox's deal covers online and tablet rights for their games, and how that may or may not affect the value of online rights.

We don't know, so it's absurd to assign a figure to it and pass it off as FACT.

=D> exactly my point!

well we all know you don't have any b@lls ....

[Raiderdave]

If channel 9 goes into receivership how much of the 1.025 billion could the NRL loose?

ahhhhhh.......
do you get your news on the overland service via camels ?

this just in

Ch 9 aren't going into receivership....

[Striker]

you can have a dig at it too sh.it for brains ... whats our final figure going to be ?

That's the point. Noone knows yet. You can't go around saying it's $1.3b when it hasn't been announced yet. We don't know how much Sky NZ is going to bid. We still don't know the extent to which Fox's deal covers online and tablet rights for their games, and how that may or may not affect the value of online rights.

We don't know, so it's absurd to assign a figure to it and pass it off as FACT.

=D> exactly my point!

But you can't prove otherwise either! The prediction could well be right you know!