Ion Media Wraps Up Restructuring

Law360, New York (December 22, 2009, 5:29 PM EST) -- Ion Media Networks Inc. has completed a "brief and seamless" restructuring after eliminating more than $2.7 billion in legacy debt and preferred stock claims, the New York City-based television station owner announced.

The company made the announcement Monday, three days after the U.S. Court of Appeals for the Second Circuit vacated a temporary stay of a confirmation order issued Dec. 3 by the U.S. Bankruptcy Court for the Southern District of New York.

The company, which reaches over 96 million U.S. television households via its nationwide...
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