Ion Ch. 11 Plan Prevails Against Creditor DIP Coup

Law360, New York (November 12, 2009, 6:04 PM EST) -- Bankrupt television station owner Ion Media Networks Inc. has fended off a creditor's last-ditch attempt to buy a controlling stake in the company and will reorganize under the original terms of its prepackaged Chapter 11 plan.

At a hearing Thursday Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York said he would approve the plan put forward by the debtor and promoted by an ad hoc committee of first-lien lenders, thwarting Cyrus Capital Partner’s late bid to take the...
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