Tug of war for Ten

The battle for the Ten Network has taken another twist with a key creditors’ meeting now postponed until the week after next.

THE battle for the Ten Network has taken another twist with a key creditors’ meeting now postponed until the week after next.

A second creditors’ meeting had been due to take place next Tuesday, September 12, but it will now be held the following week.

The delay to the meeting, ordered by the New South Wales Supreme Court yesterday, followed a successful application by lawyers representing Ten bidders Lachlan Murdoch, Bruce Gordon and Twentieth Century Fox.

They are challenging an attempt by US media titan and bidding rival CBS to take control of Ten.

That matter will return to court for a separate two-day hearing next Tuesday, when a judge will examine claims of deficiencies in the administrators’ report to creditors.

It is understood lawyers for Mr Murdoch, Mr Gordon and Fox will argue the administrators’ report was deficient in several respects, including a failure to present alternatives to the CBS bid, liquidation or resignation of the administrator.

Under the CBS bid, shareholders will get nothing for their stock. The proposal by Mr Murdoch and Mr Gordon would have seen shareholders keep 25 per cent of their equity, with Ten relisted.