On Air Now

Current Show

The Mark Levin Show   5:00 PM - 8:00 PM

Call The Mark Levin Show at 1-877-381-3811

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 550 AM Wausau, WI 99.9 FM Stevens Point, WI

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
66° Feels Like: 66°
Wind: SW 10 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 44°

Tomorrow

Sunny 72°

Tues Night

Partly Cloudy 47°

Alerts

Breaking News

BREAKING NEWS / UPDATE: Wausau police confirm Stephanie Low's body was found in Wabeno; person of interest Kristopher Torgerson to be charged with homicide

WAUSAU, Wis (WSAU)  Wausau police say Stephanie Low's body has been found. Police revealed at a news conference today that a person of interest in her death, Kristopher Torgerson, led police to her body on September 19th. The body has since been positively ID'ed by the state crime lab. The autopsy lists 'homicide' as the cause of death. Torgerson had been questioned nearly four years ago after she had first disappeared. Wausau PD say he was in custody on other charges, and agreed to sh...

Read More »

CVC rebuffs hedge fund plan to restructure Nine debt: source

MELBOURNE (Reuters) - Private equity firm CVC has failed to respond to a proposal by hedge funds that own a large chunk of $2.9 billion in debt owed by its Australian TV network Nine Entertainment to convert their debt into equity, a source told Reuters on Monday.

The hedge funds, Oaktree Capital and Apollo Global Management , put their restructuring proposal -- which would see hedge funds take control of Nine -- to CVC on Friday in a letter and again requested a meeting with the buyout firm, the person with knowledge of the situation said.

The person was speaking on condition of anonymity because the matter is confidential.

CVC Capital Partners bought Nine for A$5.3 billion in cash and debt from media baron James Packer from 2006 to 2008, as credit markets were booming. The network's advertising revenues have since fallen as the Australian economy weakened.

CVC shelved plans before Christmas to refinance the debt, as banks sold out of the debt and hedge raised their stakes. CVC has repeatedly said it is in no rush to refinance its senior debt in advance of maturity in February 2013.

The options for CVC include tipping in more equity, which is seen as unlikely on top of the reported A$1.9 billion already invested in Nine, refinancing the debt, or selling some non-core assets to pay off debt, banking sources have said.

A spokeswoman for CVC declined to comment.

Sources have previously said that Oaktree and Apollo hold A$1 billion or about 37 percent of the A$2.7 billion ($2.9 billion) senior debt owed by Nine, part of a group of hedge funds including Och-Ziff .

However, Oaktree and Apollo's share of the total debt is actually 28 percent, a second source familiar with the situation said on Monday.

Nine Entertainment Co, one of the biggest private-equity owned companies in Australia, has assets including the Channel Nine free-to-air television station, ACP Magazines which publishes the Australian Women's Weekly, ticketing agency Ticketek and Acer Arena.

(Reporting by Victoria Thieberger; Editing by Richard Pullin)

Comments