MediaWorks’ lenders owed $528.3 mln, receiver says

Mon, 19 Aug 2013

By Paul McBeth Aug. 19 (BusinessDesk) - MediaWorks NZ, the broadcaster whose banking syndicate is poised to take control, owed its lenders $528.3 million when they tipped it into receivership, according to the first receiver’s report. The Auckland-based company held total liabilities of $797.4 million against assets of just $329 million as at May 31, of which its banking syndicate was owed the bulk, receivers Brendon Gibson and Michael Stiassny said in their first report. The new capital structure, which will give the lenders ownership, pla...

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