NEW YORK As a possible prelude to a Chapter 11 bankruptcy filing, Ion Media Networks said today it has begun talks with “a growing group of lenders” about reducing its indebtedness through an exchange of debt for ownership stakes in the company.
The company hopes to swap an estimated $2.7 billion in long-term debut for equity stakes in the West Palm Beach, Fla.-based television network and station owner.
“Our board, management and advisors are focused on the benefits of reducing the company’s legacy debt structure and funding its long-term growth potential,” said Brandon Burgess, chairman and CEO of Ion.
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