Oaktree, Apollo OK $3B Debt-For-Equity Swap In Aussie TV Co.

Law360, New York (October 17, 2012, 5:25 PM EDT) -- Funds represented by Oaktree Capital Management and Apollo Global Management LLC have agreed to join a debt-for-equity swap of Australia's Nine Entertainment Co.'s $3.3 billion debt for a 100 percent stake in the struggling broadcaster, saving it from default, Nine said Wednesday.

Oaktree and Apollo agreed to trade their $2.3 billion debt in Nine for a 95.5 percent share of the company a week after mezzanine creditor CVC Capital Partners LLC and funds affiliated with Goldman Sachs Group Inc. agreed to swap about AU$1 billion for...
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