Ion Heads Into Ch. 11 With Prenegotiated Plan

Law360, New York (May 20, 2009, 12:00 AM EDT) -- Television network owner and operator Ion Media Networks Inc. and a slew of affiliates have filed for Chapter 11 protection to implement a prenegotiated restructuring the company said would erase about $2.7 billion in legacy indebtedness and preferred stock and provide the debtors with a $150 million equity infusion.

Ion Media Networks, formerly known as Paxson Communications Corp., filed its Chapter 11 petition Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, listing assets and liabilities both in excess of $1 billion...
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