Ion Defends DIP Proposal Against Creditors' Objection

Law360, New York (June 30, 2009, 12:00 AM EDT) -- Ion Media Networks Inc. defended its proposed $150 million debtor-in-possession loan facility as "fair and reasonable" on Wednesday, after Ion's creditors committee lodged an objection arguing that the terms of the DIP facility give them short shrift.

Ion filed its response in the U.S. District Court for the the Southern District of New York, after the official committee of unsecured creditors objected to Ion Media's amended DIP motion on Tuesday.

The unsecured creditors asserted that Ion's DIP motion should be denied unless the DIP facility and...
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