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Ten secures funding to keep operating

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Troubled broadcaster Ten Network has secured a $30 million funding package so that it can keep operating while receivers and managers look to sell or recapitalise the business.

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The Ten Network’s main lender, the Commonwealth Bank, appointed PPB Advisory as receivers and managers of Ten at the weekend.

In a statement lodged with the ASX, Ten on Monday said the $30 million package, which has continuing support its major shareholder guarantors, is available until August 31.

Following a first meeting of creditors of Ten in late June, the broadcaster’s billionaire backers Bruce Gordon, Lachlan Murdoch and James Packer signalled they would support a new financial facility to keep the network on air.

“This will allow the business to continue to trade as a going concern and enable the receivers and managers to undertake a sale process for, or a recapitalisation of, the business and assets of Ten Network Holdings Limited,” the Ten statement said.

Administrators KordaMentha at the time said that once the Commonwealth Bank had appointed a receiver for Ten, a new financial facility would be put in place to keep it broadcasting.

PPB Advisory said it would sell Ten as a going concern or recapitalise it through a competitive tender.

It said the funding would allow operations to continue while it sought a suitable party to buy or recapitalise Ten.

Meanwhile, the administrators will continue to run Ten.

– AAP

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