ION Media Network (ION) Announces Delaware Supreme Court Decision Regarding Exchange Offer
ION Media Networks, Inc. (AMEX: ION) announced that the Delaware Supreme Court refused to hear the appeal against the previous denial by Delaware Chancery Court of the plaintiffs' motion against the Company to enjoin the exchange offer and consent solicitation the Company launched on June 8, 2007.
As previously announced, the Exchange Offer is scheduled to expire at 12:00 midnight, New York City time, at the end of the day on Friday, July 27, 2007. The Delaware Supreme Court decision clears the path for the Company to close the Exchange Offer on this contemplated timing.
In the Exchange Offer the Company is offering to exchange any and all of its outstanding 13 1/4% Cumulative Junior Exchangeable Preferred Stock and 9 3/4% Series A Convertible Preferred Stock for newly-issued 11% Series A Mandatorily Convertible Senior Subordinated Notes due 2013 and newly issued 12% Series B Mandatorily Convertible Preferred Stock.
As previously announced, the Exchange Offer is scheduled to expire at 12:00 midnight, New York City time, at the end of the day on Friday, July 27, 2007. The Delaware Supreme Court decision clears the path for the Company to close the Exchange Offer on this contemplated timing.
In the Exchange Offer the Company is offering to exchange any and all of its outstanding 13 1/4% Cumulative Junior Exchangeable Preferred Stock and 9 3/4% Series A Convertible Preferred Stock for newly-issued 11% Series A Mandatorily Convertible Senior Subordinated Notes due 2013 and newly issued 12% Series B Mandatorily Convertible Preferred Stock.
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