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Cyrus Capital extends offer for Ion Networks

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Cyrus Capital Partners has extended its enhanced USD250m offer to finance Ion Media Networks’ exit from bankruptcy protection.

The Cyrus offer, which was summarily rejected by the Ion Networks’ board, provides Ion with USD100m of additional incremental capital not offered in the plan accepted by the board.

The extension will run until the bankruptcy court finally accepts or rejects the financially inferior offer now before the court.

The disclosure was made in a letter sent today to the Ion Networks’ board by Jonathan Jackson, an adviser to Cyrus on minority ownership of broadcast assets, and Cyrus’s lead co-investor in this financing.

With offices in New York and London, Cyrus Capital Partners invests across the capital structure of leveraged companies throughout their life cycles, including those in financial distress, and seeks to generate attractive absolute returns that are not correlated to or dependent upon the general equity and fixed income markets.

The firm currently manages the following Master/Feeder hedge fund structures: Cyrus Opportunities Fund II and Cyrus Select Opportunities Fund. These funds commenced operations in August 2001 and May 2008, respectively.

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