Chicago Tribune – Funds run by Goldman Sachs Group Inc agreed to swap debt for equity in CVC Capital Partners Ltd’s Nine Entertainment as the beleaguered Australian television network scrambled to avoid going into receivership.
Other lenders including hedge funds have yet to decide whether they agree to the debt-for-equity swap plan put forward by Nine management under a deal that would wipe out CVC Capital’s A$1.8 billion ($1.84 billion) equity investment in the company. That would be the largest-ever loss on a single private-equity deal in Asia.
