CBA to appoint Network Ten receiver
- Jun 30 2017 at 2:34 PM
The Commonwealth Bank of Australia is expected to appoint a receiver to Network Ten imminently.
Sources said PPB will become Ten's receiver either later on Friday or Monday morning with the final details being sorted out by lawyers.
The move, foreshadowed by The Australian Financial Review on Monday, will see PPB take control of the sale or recapitalisation process of Ten.
Ten, the home of MasterChef and I'm a Celebrity ... Get Me Out of Here!, was put into voluntary administration on June 14 and soon after Bruce Gordon and Lachlan Murdoch announced a joint-venture to restructure the ailing free-to-air broadcaster.
Ten's board of directors put the company into administration after it was notified Mr Gordon and Mr Murdoch would not back a $250 million loan to keep the company going.
The pair, along with James Packer, are guarantors on an existing $200 million facility for Ten from the Commonwealth Bank of Australia, due to expire and be repaid in December. Ten had been seeking a new $250 million loan to replace the existing one.
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