We can expect to open newspapers across the country tomorrow and see advertisements seeking financial saviours, after Network Ten entered voluntary administration last week.
Notices will appear in The Australian and The Financial Review.
The trouble began when billionaire shareholders Lachlan Murdoch and Bruce Gordon decided not to extend their guarantee on the network’s $200m debt facility to a new, $250m facility needed by December.
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News Corp reports the pair’s combined their voting power and are working together on a plan to restructure or repay Ten’s debt.
Administrator KordaMentha says it will be business as usual while everything is worked through with a sale or recapitalisation to take around 60 days.
Ten shares remain in a trading halt.