But what will happen to The Bachelorette?
But what will happen to The Bachelorette?

Channel 10 in funding crisis, shares put in trading halt

CHANNEL 10's future hangs in the balance as the embattled broadcaster struggles to repay its debts.

Ten Network Holdings' shares have placed into a trading halt this morning, amid speculation the network may announce a voluntary administration after three key backers decided not to support a new funding deal to refinance a $200 million loan.

The Australian reported today Ten shareholders Lachlan Murdoch, Bruce Gordon and James Packer have decided against guaranteeing a new $250m loan to replace the existing $200 million overdraft, which needs to be repaid to Commonwealth Bank in ­December.

"Over the weekend, Ten received correspondence from financial advisers Illyra Pty Limited and Birketu Pty Limited, two of the shareholders which guarantee the company's current financial position," company secretary Stuart Thomas said in an update to the ASX this morning.

"That correspondence confirms that those guarantors do not intend to extend or increase their support for the company's credit facilities beyond the term of the current facilitiy which expires on 23 December 2017."

Mr Thomas requested that the shares remain in a trading halt for at least 48 hours while the company considered its position and "the range of restructuring and refinancing initiatives underway".

Ten, which boasts hit shows The Bachelor and MasterChef and Big Bash cricket, had hoped to secure new funding faded over weekend.

At its recent half-year ­results, the company admitted it may not be able to carry on as a going concern after posting a $232.2 million loss.

News Corp Australia


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