CVC-backed Nine makes new restructuring proposal
The management of Nine Entertainment, the beleaguered Australian media company owned by CVC Capital Partners, has put forward a new proposal for restructuring its A$3.8 billion ($3.9 billion) in debt. Adrian McKenzie, CVC’s Australian managing partner who resigned last month, has also been removed from the Nine board, allowing the company greater independence in negotiations with creditors.
Previous restructuring plans have been submitted by Apollo Global Management and Oaktree Capital, which control the majority of Nine's A$2.8 billion senior debt, scheduled for repayment in February 2013,...
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