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Bankruptcy Keyed to Levitan, 3rd Ed.
Ion Media Networks, Inc. v. Cyrus Select Opportunities Master Fund Ltd. (In re Ion Media Networks, Inc.)
Citation:
419 B.R. 585 (2009)Facts
ION Media Networks, a television broadcasting company, entered into a series of agreements with secured parties in 2005, including a security agreement and an intercreditor agreement governing the relationship between first and second lien lenders. In 2009, ION began negotiating with first lien lenders for a restructuring and filed for Chapter 11 bankruptcy on May 19, 2009. Cyrus, which had purchased second lien debt at a deep discount, objected to the DIP financing and later to the plan of reorganization, arguing that ION’s FCC licenses were unencumbered assets not subject to the first lien lenders’ security interests. The intercreditor agreement contained provisions prohibiting second lien lenders from challenging the validity of first lien lenders’ liens or objecting to a plan consistent with first lien lenders’ rights. ION’s proposed plan would convert first lien debt to equity, with first lien lenders receiving nearly all common stock of the reorganized company. Cyrus was the only creditor objecting to the plan, which had support from the Official Committee of Unsecured Creditors and over 70% of first lien lenders.
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