Receivers to take over Network Ten

THE Ten Network is expected to be put into receivership as creditors decide how best to find a buyer for the distressed broadcaster.

Corporate restructuring specialist PPB Advisory is believed to be favoured to act for the network’s biggest lender, the Commonwealth Bank.

The broadcaster’s creditors met yesterday.

Ten has a $200 million debt facility — effectively a line of credit — from the bank that is due to expire on December 23.

That debt was guaranteed by high-profile Ten investors James Packer, Lachlan Murdoch and Bruce Gordon, the owner of regional broadcasting heavyweight WIN.

The key investors are believed to have signalled that they will support a new financial facility to keep the network on air.

“My understanding is it’s all three at the present time,” said Mark Mentha, a partner at Ten’s administrator, KordaMentha, yesterday.

It is also believed buyers have started expressing interest in the company whose flagship drama Offspring returns to the screen this week.

Ten fell into administration this month after its major investors failed to offer their support for a new debt facility.

Creditors were told by Kor- daMentha yesterday that Ten had “adequate cash resources” to continue operating as usual, despite the group having drawn down $97 million of the $200 million debt facility.

KordaMentha will seek a court extension to delay the next meeting, due to be held on July 19, in an effort to push back the time frame to recapitalise the business.