Ion Media Networks says it has completed the financial reorganization it began in May and is ready to emerge from Chapter 11 bankruptcy protection. The company has also received approvals from the FCC for its license ownership changes.
Under the pre-packaged deal with its lenders, Ion was able to eliminate over $2.7 billion in legacy debt and preferred stock claims. The company emerges debt-free and with equity growth funding from its owners, which include Avenue Capital, Black Diamond Capital, and Trilogy Capital as the three largest holders backing the company’s plan.
“We are pleased about completing our financial restructuring so smoothly and appreciate the support of our stakeholders and employees,” said Ion CEO Brandon Burgess. “Emerging debt-free with $150 million in growth funding will allow us to further build our TV content brands, as well as develop the value of our digital spectrum and technology assets,” he noted.