Nine teeters on an administration cliff

With Nine's $2.8 billion senior debt due early next year, its lenders will need to reach a compromise on the group's restructure within weeks or risk it falling into administration.

The $525 million sale of Nine Entertainment’s magazine business to Germany’s Bauer Media, which Nine’s lenders appear to have endorsed overnight, should clear the way for the embattled network and its lenders to have some very serious discussions about a reconstruction of the group.

Those negotiations between groups currently a long way apart will have to produce a compromise within weeks – about a month at the outside – if Nine isn’t to fall into administration and the lenders to lose control over the fate of their exposures.

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