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Ion Media Networks said it had filed for Chapter 11 protection under U.S. Bankruptcy laws late Tuesday.
The company (formerly known as Pax TV) said the filing came after it reached agreement with a group of debt holders to exchange debt for equity once the company restructures its balance sheet.
The Chapter 11 petition was filed with the U.S. Bankruptcy Court for the Southern District of New York.
“We are pleased with the support from our first lien senior debt holders to resolve the company’s legacy debt issues and fund our television growth plans,” said Ion CEO Brandon Burgess.
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