Ion Files for Bankruptcy Bloomberg

Ion Media Networks filed for bankruptcy court protection in New York after it reached a restructuring agreement with a group of debt holders to convert its debt to equity, Bloomberg News reports. The television-station owner said the group owns more than 60% of its first-lien senior secured debt, the news wire says. Ion listed more than $1 billion in liabilities and as much as $10 million in assets in the filing, the news agency adds.
—Aimee Picchi

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