UNDATED, Oct 17: Lenders of Australia’s beleaguered Nine Entertainment television network, owned by CVC Capital Partners Ltd, have agreed to a deal to swap debt for equity, sources said on Wednesday, giving U.S. Hedge funds control of one of the country’s best known media companies.
The deal will wipe out CVC’s A$1.8 billion ($1.84 billion) equity investment in Nine, marking the largest-ever loss on a single private-equity deal in Asia, and one of the biggest globally.
Nine had proposed a debt-for-equity swap deal to avoid going into receivership.
(agencies)
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