* Cyrus makes $250 mln offer for 62.5 pct of reorganized co

* Cyrus offers to refinance ION's bankruptcy loan

* Cyrus offers to let company out of litigation

By Emily Chasan

NEW YORK, Nov 11 (Reuters) - A creditor of bankrupt television station owner ION Media Networks Inc (IION.PK: Quote, Profile, Research) has made a last-minute $250 million offer for control of the broadcast network operator.

In a letter to the company's board of directors dated Nov. 9, Cyrus Capital Partners said it would refinance ION's existing debtor-in-possession bankruptcy loan for $250 million in exchange for 62.5 percent of equity in the reorganized company.

Cyrus, which has been entangled in litigation with the company over its reorganization plan, said in the letter that it was offering the deal as an improvement to the company's existing reorganization plan, and if approved by the court its offer would allow the company to exit bankruptcy protection immediately.

ION, the owner and operator of the ION Television broadcast network, filed for bankruptcy protection in May, just hours before reaching an accord with a majority of its senior first-lien debt holders to convert debt to equity in a pre-negotiated financial restructuring.

Last month the bankruptcy court allowed ION to begin soliciting votes from creditors on its proposed reorganization plan. But ION has also been entangled in litigation with Cyrus, which holds the company's second-lien debt, in a lawsuit ION has claimed in court papers could "hijack" its restructuring efforts.