Reuters – Private equity firm CVC CVC.UL, facing heavy potential losses on its debt-laden Australian TV network Nine, has no plans to respond to a fresh proposal from hedge funds to convert their debt into equity, sources said on Monday.
The London-based buyout firm could face a potential equity loss on paper of as much as $2.2 billion (1.3 billion pound) and is fending off hedge funds that are trying to take control of Nine Entertainment, which is labouring under a debt load of $2.9 billion.
