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Australia's Ten Network warns future dependent on financing
April 26, 2017 / 11:56 PM / 5 months ago

Australia's Ten Network warns future dependent on financing

SYDNEY, April 27 (Reuters) - Australia’s third-largest television network, Ten Network Holdings, on Thursday said its future was dependent on financing arrangements after it reported a A$232 million ($173.44 million) half-year loss in a weak advertising market.

The youth-oriented network has a A$200 million debt facility guaranteed by News Corp Co-Chairman Lachlan Murdoch, businessman Bruce Gordon and Crown Resorts casino magnate James Packer due to expire in December.

“The group is currently seeking to secure an amended or new borrowing facility with extended maturity and expanded size,” Ten said in its financial accounts.

“As a result of the matters disclosed, there is a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern.”

$1 = 1.3376 Australian dollars Reporting by Jamie Freed; Editing by STephen Coates

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