Reuters – Hedge funds owning a large chunk of the $2.8 billion debt in Australia’s Nine Entertainment, owned by buyout firm CVC, have prepared a proposal to convert their debt into equity in the TV network, a source told Reuters, in a plan that would wipe out most of CVC’s equity.
Nine’s board has declined to meet with the hedge funds, Oaktree Capital and Apollo Global Management, which requested a meeting to put forward the restructuring plan, the person with knowledge of the situation said.
