Reuters – Private equity firm CVC has failed to respond to a proposal by hedge funds that own a large chunk of $2.9 billion in debt owed by its Australian TV network Nine Entertainment to convert their debt into equity, a source told Reuters on Monday.
The hedge funds, Oaktree Capital and Apollo Global Management , put their restructuring proposal — which would see hedge funds take control of Nine — to CVC on Friday in a letter and again requested a meeting with the buyout firm, the person with knowledge of the situation said.
