“..MediaWorks is shrugging off weighty interest obligations thanks to a discounted buyout of debt that has led to three companies tussling for control of the company.
The new structure could ease the burden of interest from high debt in MediaWorks, which owns TV3, Four and half the country’s radio stations including RadioLive, More FM, The Rock and The Edge.
But a source says that despite the movement on debt, the final ownership structure of the company is still “a work in progress”.
United States private equity group Oaktree has bought $125 million of MediaWorks debt from Royal Bank of Scotland and the BNZ.
The arrival of this US hedge fund has brought a new dynamic to the debt-laden media company…”
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