Ion Media Networks is hoping to restructure its debt fo the second time in two years, according to a story in the Wall Street Journal.
In a move that could sharply cut stakes held by Citadel Investment Group and GE’s NBC Universal, Ion Media Networks is talking to its lenders about restructuring its debt, according to a story in the Wall Street Journal.
Written by Sam Schechner and Jeffrey McCracken, the story says a debt restructuring would be the second for Ion in two years.
Ion is talking about the restructure with a group of its debt holders that includes distressed-debt funds Avenue Capital Group and Canyon Capital Advisors LLC, the story says.
The restructuring is aimed at shedding most of Ion’s $2.7 billion in debt while raising new funding, the story says.Senior lenders would end up with majority control of the company.
WSJ Online subscribers may read the full story here.