The $55 million in funding for the creditors' pool would come...

The $55 million in funding for the creditors' pool would come through a new debt facility, expected to be issued to Ten by the Commonwealth Bank of Australia (CBA) and guaranteed by Mr Murdoch and Mr Gordon.

It is not known how big this debt facility would be, but Ten went into administration because Mr Gordon and Mr Murdoch did not want to guarantee a new $250 million facility.

"Birketu and Illyria are highly confident that formal credit approval of the new debt facilities will be obtained prior to the second creditors' meeting on terms substantially the same as the original proposal, with an increase in limit to reflect the repayment of the guarantor fees ... and the increased payment to unsecured creditors," the pair told KordaMentha.

I'm OK for these shenanigans to happen on unlisted stocks but it should not be happening on an open and supposedly transparent market.  Have not heard anything from ASIC as existing shareholders get raped.