Ten Network’s newly appointed administrators have pledged to keep the business running as they decide its future, saying they are confident of either rebuilding the broadcaster’s finances or finding a willing buyer.
Administrators at KordaMentha, appointed to run the company following the decision by Bruce Gordon and Lachlan Murdoch not to guarantee a $250 million finance package, said on Wednesday they will allow Ten to continue under its existing management and operating structure.
The voluntary administrators sought to assure stakeholders and employees that they intend to keep the business running, while viewers can expect the same content.
“Network Ten is a quality free-to-air TV network with a rich history of broadcasting well-known Australian television content,” KordaMentha partner, Mark Korda said in a statement.
“The administrators are confident that the network is an attractive asset which will find a buyer or will be recapitalised.”
Ten announced it had called in KordaMentha earlier on Wednesday, saying its directors had “no choice but to appoint administrators” after Mr Gordon and Mr Murdoch declined to back the new finance package.
Mr Gordon, Mr Murdoch and gambling mogul James Packer all backed a $200m finance package in 2014 and the support of Mr Gordon and Mr Murdoch had been critical to securing an essential replacement package ahead of the existing deal’s expiry in December.