Goldman OKs $1B Debt-For-Equity Swap In Aussie TV Co.

Law360, New York (October 10, 2012, 10:48 PM EDT) -- Funds affiliated with Goldman Sachs Group Inc. agreed to swap approximately AU$1 billion ($1.02 billion) of debt in Australia’s Nine Entertainment Co. for a stake in the struggling Australian broadcaster, but the jury was still out Wednesday as to whether Nine’s other senior lenders would follow suit.

The Goldman funds initially sought a 30 percent equity stake in Nine, which operates one of Australia’s three commercial television stations, as well as several other TV stations and digital media subsidiaries. But it assented to a reduced 7.5...
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