MediaWorks’ lenders in box seat to take control, Ironbridge out in the cold

Sun, 16 Jun 2013

By Paul McBeth June 17 (BusinessDesk) - MediaWorks NZ’s stable of lenders are in the box seat to take control of the heavily indebted broadcaster, appointing receivers and embarking on a plan that will leave Australian private equity owner Ironbridge Capital out in the cold. The Auckland-based broadcaster is expected to cut its debt to less than $100 million from more than $700 million across the group with its lending syndicate “well advanced” in plans to take over the company, receivers Brendon Gibson and Michael Stiassny of KordaMentha to...

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