Cyrus Asks District Court To Undo Ion Restructuring

Law360, New York (January 20, 2010, 5:17 PM EST) -- Cyrus Select Opportunities Master Fund Ltd. is asking a district court to reverse a bankruptcy court's approval of a Chapter 11 reorganization plan for Ion Media Networks Inc., saying that the bankruptcy court trampled its rights as a second-lien debt holder.

In a brief filed Tuesday in the U.S. District Court for the Southern District of New York, Cyrus said that the bankruptcy court erred in finding that Cyrus lacked standing to challenge the confirmation of Ion's bankruptcy plan, and asked the district court to reverse...
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