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John Thornett (49)
Don't worry, Nine are in deep trouble. They sold ACP for $500m yesterday. From an analyst quoted by the ABC:
"Nine was asking $600 million and they were adamant that they weren't going to sell if they didn't get their price. Well the word around the traps, what we're hearing is that it was $500 million," he observed.
"I think that indicates that Nine was pretty desperate to sell because they went into this deal carrying $2.8 billion in debt. They'll pay this $500 million or thereabouts to pay off the debt. Well they've still got $2.3 billion which has to be refinanced by February next year.
"The US hedge funds, who control about a billion dollars of it which will be about half of their debt, they will have the right to convert that into equity and they could well become the controllers of Australia's Nine Network."
http://www.abc.net.au/news/2012-09-05/acp-magazine-sale-to-bauer/4243814
"Nine was asking $600 million and they were adamant that they weren't going to sell if they didn't get their price. Well the word around the traps, what we're hearing is that it was $500 million," he observed.
"I think that indicates that Nine was pretty desperate to sell because they went into this deal carrying $2.8 billion in debt. They'll pay this $500 million or thereabouts to pay off the debt. Well they've still got $2.3 billion which has to be refinanced by February next year.
"The US hedge funds, who control about a billion dollars of it which will be about half of their debt, they will have the right to convert that into equity and they could well become the controllers of Australia's Nine Network."
http://www.abc.net.au/news/2012-09-05/acp-magazine-sale-to-bauer/4243814