Ion Media files for Chapter 11 bankruptcy protection - Nashville Business Journal:

ogarawo.wordpress.com
The network, which is based in West Palm filed for reorganization withthe ’sd Southern District of New York Tuesday claimin assets and liabilities of more than $1 billion. The filinbg was made on behalf of117 subsidiaries, includintg Ion Media of Tampa Inc. The filing comees as Ion agreed to a financial restructuringt that would wipe out morethan $2.7 billio in legacy debt and preferred stock whil e providing Ion with $150 million in new funding, accordint to a release. That’s part of an overall $300 million commitmen t that will convert to equity once the restructuring is complete and be made availablw to allof Ion’s first lien senior secureds debt holders.
“We are pleased with the suppor from our first lien senior debt holderas to resolvethe company’e legacy debt issues and fund our television growtbh plans,” said Brandon Ion’s chairman and chief executivee officer, in a “We are positioning the businese for growth and will emerge form the restructuring in a stronyg position to serve viewers, clients and stakeholders.” Lowelkl W. “Bud” Paxson founded Ion Media in 1984, basinb it in the Tampa Bay area and callingit . Originally owningg WWQT in Clearwater, Paxson latedr worked with Roy Speer to foundthe , which would be sold to Barryh Diller in 1996.
Following the sale of HSN, Paxson relocater to West Palm divested his radio interests and concentrated more on his own called , which launched in Augusty 1998. Paxson left the company in November 2005afterf , a minority owner in the stations, started to gain a majorityu interest in the company, renaming it Ion Mediza Networks in 2006.