Goldman Sachs accepts Nine Entertainment debt-for-equity plan
MELBOURNE, Oct 10 (Reuters) - Funds run by Goldman Sachs
have agreed to a debt-for-equity plan by Australia's Nine Entertainment, a spokesman for Goldman Sachs Mezzanine Partners said on Wednesday, as Nine scrambles to avoid going into receivership.
The deal would give the Goldman Sachs funds a 7.5 percent equity stake in Nine.
Hedge funds and other lenders have yet to decide whether they agree to the proposal put by Nine management under a deal that would wipe out private equity owner CVC's A$1.8 billion ($1.84 billion) equity investment in the company. ($1 = 0.9801 Australian dollars)
(Reporting by Miranda Maxwell and Victoria Thieberger; Editing by Richard Pullin)
Keywords: AUSTRALIA NINE/GOLDMAN