2nd Circ. Says Not So Fast To Ion's Ch. 11 Exit

Law360, New York (December 17, 2009, 4:57 PM EST) -- Bankrupt television station owner Ion Media Networks Inc.'s attempt to emerge from Chapter 11 protection has hit a bump following an appeals court's granting second-lien debt holder Cyrus Select Opportunities Master Fund Ltd.'s bid to stay confirmation of Ion's reorganization plan.

The U.S. Court of Appeals for the Second Circuit on Wednesday granted Cyrus' emergency motion to stay a confirmation order issued Dec. 3 by the U.S. Bankruptcy Court for the Southern District of New York.

Cyrus, which challenged the bankruptcy court's denial of its legal...
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