Ten Just Posted A Big Loss, New Debt Deal Backed By Packer And Murdoch

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Channel Ten lost $280 million in the year to 31 August, and it has arranged new debt facilities with its backers, the company said in a market announcement today.

The result is on top of the $14.4 million net loss it posted in fiscal 2012. The group said its net loss for the year was impacted by one-off, non-recurring charges for continuing operations of $336.2 million.

The company has arranged to borrow $200 million from Commonwealth Bank, which is guaranteed by its major shareholders such as Bruce Gordon, Lachlan Murdoch and James Packer.

“Ten would not have been able to access this source of finance from CBA on such favourable terms without the support of our major shareholders who are providing guarantees,” said CEO Hamish McLennan.

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