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The network, which is based in West Palm Beach, filed for reorganizatio n withthe ’s Southernm District of New York Tuesdayu claiming assets and liabilities of more than $1 The filing was made on behalf of 117 including Ion Media of Tampa Inc. The filing comesa as Ion agreed to a financial restructurinh that would wipe out morethan $2.7 billiohn in legacy debt and preferred stock whilwe providing Ion with $150 million in new according to a release. That’w part of an overall $300 million commitment that will convertf to equity once the restructuring is complete and be made availabler to allof Ion’s first lien senior secureds debt holders.
“We are pleased with the supporrt from our first lien senior debt holder to resolvethe company’s legacy debt issue s and fund our television growth plans,” said Brandom Burgess, Ion’s chairman and chief executive in a statement. “We are positioning the business for growtbh and will emerge form the restructuringv in a strong position to serve clientsand stakeholders.” Lowell W. Paxson founded Ion Media in 1984, basingf it in the Tampa Bay area and callingit . Originallyu owning WWQT in Clearwater, Paxson lateer worked with Roy Speer to found the , which would be sold to Barry Diller in 1996.
Followiny the sale of HSN, Paxson relocatee to West Palm Beach, divested his radioi interests and concentrated more on hisown network, called , whichg launched in August 1998. Paxson left the company in November 2005aftet , a minority owner in the started to gain a majority interest in the renaming it Ion Media Networkas in 2006.
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