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Hedge funds scupper Nine refinancing plan

Sydney Morning Herald – Nine Entertainment, which operates Channel Nine and is owned by CVC Asia Pacific, has dropped a proposal asking senior lenders to extend the maturity of a $2.8 billion loan to 2015, according to sources.

CVC, a London private equity firm, will continue talks with lenders including Goldman Sachs on a revised proposal to refinance the media company, said one person, who declined to be identified as the details are private.

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