Economy

Murdoch loses Channel 10 bid making way for CBS

Murdoch loses Channel 10 bid making way for CBS”

KordaMentha will decide whether it can or should consider the new bid and decide on the next steps, which would be to postpone Tuesday's second meeting of creditors to vote on the CBS proposal so it can assess the new bid, or it could go ahead with the meeting, putting the latest developments to creditors and letting them decide.

Lachlan Murdoch and Bruce Gordon are having anther lash, offering creditors $55 million instead of $35 million, but making no disclosure about how to pay out CBS in the event of winning (CBS has paid out more than $A200 million to the CBA, to Murdoch, Gordon, Packer and other creditors, and given Ten a $30 million working capital injection).

Media moguls Lachlan Murdoch and Bruce Gordon have lost their battle to halt a crucial creditors' meeting to decide the fate of Network Ten, clearing the way for it to be sold to U.S. network CBS.

Assuming that challenge is knocked out, CBS will get up at tomorrow's creditors meeting because it is the biggest creditor and has solid support from the 750 Ten employees who are the largest number of creditors (under bankruptcy laws asset sales from collapsed companies need two approvals from creditors - by value and by number).

The meeting was delayed until tomorrow.

The administrator backs the sale of Ten to CBS.

But Justice Ashley Black on Monday ruled KordaMentha provided enough information as well as satisfactory reasons for backing CBS, casting serious doubt over the chances of success for the improved 11th-hour second bid lodged on Friday by Mr Gordon and Mr Murdoch.

The companies also sought orders that would either reduce or eliminate CBS' voting rights on the takeover proposal.

CBS is Network Ten's largest creditor, with Ten holding a $172 million debt to the United States group.

Justice Black also thwarted WIN's attempts to stop CBS from voting at the meeting of creditor's.

"While that approach may seem artificial, it reflects the fundamental proposition that a court must reach its decision on the evidence led by the parties at the hearing before it", he said.

"That is a matter properly left for their decision".



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