A snippet...Ten Network billionaires build a Fort around debt |
Distressed situations banker Jim McKnight, who was formerly head of restructuring and debt advisory at UBS and now runs Fort Street's sector team, is working away for the guarantors.
[Citi and law firm Gilbert + Tobin are advising Ten. UBS is understood to be working for Packer, who has been shopping his 7.7 per cent stake in Ten, with few interested buyers.]
With Packer disinterested, Murdoch junior and the 88-year old Gordon are the Survivors. Both are keen to get their hands on Ten - Gordon owns 15 per cent and Murdoch owns 7.7 per cent (News Corp, of which Murdoch is co-chair, via Foxtel has another 13.9 per cent).
Sources said Gordon and Murdoch are unlikely to let Ten go broke, they'd theoretically lose control if it goes into receivership, and are likely to back the new loan.
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