Troubled Ten suffers further setback

Australian commercial broadcaster Channel Ten has suffered a further setback today (Tuesday) with its shares being placed in a trading halt amid reports that it could enter voluntary administration.

The future of Ten, a major sports broadcaster in the country, has been uncertain for some time and in April the company posted a half-yearly loss of Aus$232m (€156.1m/$175m).

Ten recently proposed a new funding deal to refinance a Aus$200m loan as part of an effort to manage its debts, but the Australian newspaper has reported that three of the company’s main shareholders – Bruce Gordon, James Packer and Lachlan Murdoch – have refused to support the proposal.

As a result, Ten has requested a trading halt of its shares with the Australian Securities Exchange while it considers its options.

Speaking to the ASX this morning, company secretary Stuart Thomas said: “Over the weekend, Ten received correspondence from financial advisers Illyria Pty Limited and Birketu Pty Limited, two of the shareholders which guarantee the company’s current financial position. That correspondence confirms that those guarantors do not intend to extend or increase their support for the company’s credit facilities beyond the term of the current facility which expires on December 23, 2017.”

Ten currently broadcasts various sporting events, including the Australian Big Bash League Twenty20 cricket competition (pictured).

The Daily Telegraph recently reported that the broadcaster was also hoping to dislodge rival Nine as the rights-holder for Cricket Australia’s Test matches, one-day internationals and Twenty20 contests.