Ion Media has reached a restructuring agreement with a group of debt holders to convert all its debt to equity; it filed for bankruptcy court protection in New York, reports Bloomberg. Ion, which owns
TV stations, listed liabilities of more than $1 billion and assets of as much as $10 million in its filing. More than 100 subsidiaries also filed for Chapter 11 protection. A group that owns 60%+ of
its secured deb agreed to the restructuring, which extinguishes almost $3 billion in debt and preferred stock. Ion gets a new $150 million funding commitment underwritten by first-lien holders.