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MediaWorks borrows, pays off other borrowing, opens bar

MediaWorks NZ Limited announced today that it had completed a successful recapitalisation, with shareholders making an increased capital commitment of $70m. The money was used to repay senior debt, reset fixed interest rate swaps and provide ongoing liquidity to the Company. It was accompanied by a comprehensive restructure of the Company’s banking arrangements.

Ironbridge contributed $50m of the new capital and remain the Company’s majority shareholders.

Brent Harman, Chairman of MediaWorks said: “The recapitalisation … has placed the Company on a sound financial footing. This, together with the improving ad market conditions, places the Company in an excellent position for 2010 and beyond.”

Meanwhile, new CEO Ian Audsley has been busy in his new role, getting right to the heart of the matter with plans to open an inhouse bar – open to all staff – with everybody invited to stop by after work for a swift one.

This used to be standard practice at Australian networks, until staffers’ children began calling strangers ‘Daddy’, but staff here worried for their jobs will have to decide whether to be good team players and show up for drinkies smiling, and hope that alerting the new boss to their existence won’t draw too much attention to their value or otherwise to the company.

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