Billionaires Graveyard!, page-206

Ten Network's administrators says the troubled broadcaster has enough cash to continue, after concluding the first meeting of creditors, the first step towards the saving or sale of the network.

Creditors at the meeting in Sydney were told by administrators KordaMentha that Ten has "adequate cash resources" to continue business as usual, despite the group drawing down $93 million of the $200 million facility at the centre of its financial troubles.
At Monday's meeting a 14-member creditors committee was appointed to oversee the administration of Ten.

The creditors committee includes three employees representatives, among them senior Ten journalist Hugh Riminton.
Also represented are US network CBS, broadcaster Fox, production houses Endemol Shine and Fremantle Media, the Commonwealth Bank and the investment vehicles of major shareholders Bruce Gordon and Lachlan Murdoch - Birketu, Illyria.

Representatives of Consolidated Press Holdings, Cricket Australia, Metroweather, and Starcom Media round out the committee.
Shareholders of the embattled Ten Network are "not being dealt a hand" in the television station's future, the Australian Shareholders' Association said after it was excluded from the meeting of creditors.

Monday's meeting was the first for creditors since the broadcaster went into voluntary administration on June 13.
ASA chief executive Judith Fox said while the organisation was excluded, it would prefer to see the network relisted, the business salvaged and shareholders' stake in the business continue.

Administrators were called in by Ten's board after it became clear billionaire shareholders Mr Murdoch and Mr Gordon would not extend their guarantee on the network's $200 million debt facility to a new, $250 million facility needed by December.
Mr Murdoch and Mr Gordon, who hold 7.7 per cent and 15 per cent of Ten, through their respective private investment companies Illyria and Birketu, have combined their voting power and are working together on a plan to restructure or repay Ten's debt.

Ten shares are suspended from the ASX, having last traded at 16 cents.


Why were Murdoch and Gordon representatives allowed into the meeting and the other shareholder's representatives excluded?