TV3's Loan Repayments Parked at €81 by State owned bank

Elmo

THE state-owned Anglo Irish Bank has agreed to let TV3's private equity owner make no repayments and incur no interest on an €80m loan until the TV network is eventually sold.

Anglo's agreement to "park" the €81.1m of debt was confirmed by several sources last night, though some also stressed that the 2010 deal involved a broad debt restructuring that had also benefited Anglo in a one-off repayment of €9.1m.

But questions may still be asked about why a state-owned bank is riding to the rescue of TV3 when its owner, UK private equity giant Doughty Hanson, has billions under management and could have rescued TV3 itself.

A spokesman for the newly renamed Irish Bank Resolution Corporation said last night he had "no comment" to make on what was "a commercial, confidential matter for the bank and its client".

Informed sources rejected suggestions that Anglo's TV3 rescue was influenced by the Government's desire not to have a state-owned bank take control of Ireland's only independently owned TV network by installing a receiver.

The debt deal was struck at the end of 2010 after the economic collapse led to a "significant" reduction in TV3's profitability, the network's finance boss Aodha O'Connor said last night.

TV3 lost €165m in 2009 after a sharp downturn in the advertising market resulted in a €118.7m impairment of the group's goodwill. Advertising revenue recovered marginally in 2010, but remained well below boom-time highs.

Mr O'Connor said the TV station had been in negotiations with Anglo for "several months" and was "trying to find a solution [to the station's €140m debts] that would work for everyone".

At the time, about €100m of the debts were "senior" loans that had to be serviced with interest and regular capital repayments. Another €40m was "mezzanine" debt that had interest rolling up and was to be repaid in the future.

The deal left TV3 with just €51m of senior debt to be repaid over about five years, while another €81.1m was relegated to a "facility B loan" that would only fall due "in the event of a liquidity event", according to documents seen by the Irish Independent.

Mr O'Connor last night confirmed that the "liquidity event" referred to was a sale by TV3's private equity owners, something that is not being currently contemplated.

Until that sale goes through, TV3 does not have to make any repayments on the €81.1m loan and no interest accrues, Mr O'Connor confirmed. Accordingly, TV3 is carrying the loan at a value of zero.

The finance boss said the changes had significantly cut the annual debt burden of TV3, but insisted Anglo had not given the TV network an "easy" time.

Anglo got a €9.1m one-off repayment in late 2010 -- "more than they were getting from a lot of borrowers" -- Mr O'Connor said. The bank also got a higher rate of interest on the €51m of "normal" debt, while Doughty Hanson put in an extra €67.5m of equity to pay off various intergroup loans.

Mr O'Connor said TV3 had met all of its obligations since the 2010 agreement and was also enjoying improved earnings.

http://www.independent.ie/business/irish/anglo-to-park-private-equity-companys-80m-loan-in-tv3-deal-3011358.html

So we can expect 3Kids and 3Classics later on in 2013 or does it just help the sales process. Their 2011 launch never suggested such bad finances or mismanagement. Suppose the heady days of the 2006 sale didn't help, what was it ITV said, that they wouldn't buy if someone else was suggesting a ridiculous price.

watty

Disgraceful.

As was the buy out that created the Debt. Of course Hanson will have "insulated" themselves and essentially "asset stripped" rather than invested.

Elmo

watty wrote: »

Disgraceful.

As was the buy out that created the Debt. Of course Hanson will have "insulated" themselves and essentially "asset stripped" rather than invested.

I don't know, I do think it is insulting when the Press Office gets Louis Walsh to big up the National Commercial Broadcaster against the Pubcaster.

How have they asset stripped the company? In fairness to them the did increase the number of Irish productions since 2006.

They should have continued the CanWest policy of purely selling advertising? However in saying that I think the channel will have to revert to such tactics to stay alive.

The buyout was very bad, and the regulators should have stopped it, but then what regulators?

watty

It's essentially asset stripping and not investment to "buy" a company via a leveraged buyout. You borrow the money, buy the company and then cleverly make the debt the company's and then use the revenue to pay of the interest and also pay "management" fees. What they didn't do was any net investment.

How many of the "Irish" productions are coupled to Premium Dial in? Dial in at more than local rate is a scam. "so called" competitions and quizzes.

Elmo

watty wrote: »

How many of the "Irish" productions are coupled to Premium Dial in? Dial in at more than local rate is a scam. "so called" competitions and quizzes.

This was always the case. Competitions Coupled with Product Placement and premium rate phone ins. Unfortunately one of the main jobs of a TV presenter now is to read out phone numbers.

Are their HD studios not investment?

I am slowly becoming pro-TV3.

watty

"HD Studios" are a myth. it's the cameras, gallery and switching/distribution that needs to be HD. It's not a NET investment, and in real terms cheaper than colour in 1980.

Who needs their Morning Magazine "product placement" show and their premium phone ins to be in HD? Or Vincent Browne?

It's Nature, Theatre, Live Concerts, Cinematic Drama (not talking heads Soaps) that needs to be in HD. What do TV3 do that needs HD?

Sam Russell

watty wrote: »

What do TV3 do that needs HD?

Their accounts?:mad:

Mr_Ekan

Funny no press release,or pulpit pounding from David McRedmond on this.

TV3 chief executive David McRedmond said that all the licence fee should go to RTE. In an interview in the business pages of The Sunday Times, McRedmond said: “What we want is a commercial market, functioning properly. But if RTE is going to continue to be dominant in advertising, then maybe the licence fee should be spread around further.”

I, for one, will miss the way ol' #vinb's hair glistens in the current studio.

BrianD

I was watching the riveting Midweek show on TV3 last night with Eddie Hobbs and some other dude from the Indo. They were going on about state inefficiencies, lack of cuts in the civil service and various unnecessary procurements. Usual poorly informed and populist stuff.

Oddly they were not highlighting the fact a state company was looking the other way on these repayments.

Elmo

BrianD wrote: »

I was watching the riveting Midweek show on TV3 last night with Eddie Hobbs and some other dude from the Indo. They were going on about state inefficiencies, lack of cuts in the civil service and various unnecessary procurements. Usual poorly informed and populist stuff.

Oddly they were not highlighting the fact a state company was looking the other way on these repayments.

I said the same as I watched

Perhaps we should complain to TV3.

Elmo

So as we are not allowed to copy and paste articles and then provide a link to a news report I have decided in this post not to provide any details about an article that I read in a newspaper and I will not be providing you with a link to the newspaper. I advise all board members to boycott links to newspapers and news outlets. With that out of the way back to the said article, report and newspaper report.

NCB Corporate Finacnce have stated (Michael Hussey) that this arrangement between TV3 and Anglo was 'proactive and pragmatic' and that 'it serves as an encouraging precedent for domestic businesses operating under unsustainable capital structures.'

To me this sound like look it isn't a good business model and the business people behind it have failed but sure we should help them out.

You can read the full article in NBC's report titled 'Unlocking Value' by Michael Hussey. Page 4. http://www.ncb.ie/downloads/pdf/wealth/NCBWM.pdf

Done without reference to any newspapers happy? I am sure the newspaper is. Sorry for the propaganda in this post, ICDG.

icdg

Elmo you can take a five day holiday next time you decide to bump a thread or use a post as a protest against the rules on this site. There's a place for it, this isn't it.

mcwhirter

Where they getting money for new HD studio then?

Doesn't sound right to me.

Elmo

mcwhirter wrote: »

Where they getting money for new HD studio then?

Doesn't sound right to me.

Companies have turnover outside their loan repayments. This is why TV3 can announce a 3million profit.

TV3 have turnover of around €60m, most of it is paid in rights for international programmes and sports, followed at this stage by large loan repayments, then staffing and indo productions. On this they make €3m. They continue to owe €150m.

I would assume that the studio build can be placed outside the profit and loss account somehow???? Accountants please set this straight. Their parent company perhaps is paying for the build, and may be loss making????

Business plan submitted to bank. I assume the bank thinks that TV3 will at some stage be worth €265m. (Only TV3 was never really worth that kind of money).

Onthe3rdDay

TV 3 is now profit making but obviously this was not the case in the past. Some of the debt will be written off, perhaps 60% or more. Going forward a buyer would be able to run the company, pay off remaining debt and turn a true profit.

3 guesses who'll pick up the bill?

Elmo

Onthe3rdDay wrote: »

TV 3 is now profit making but obviously this was not the case in the past.

AFAIK under Canwest and ITV TV3 were making very large profits. And Canwest had envisaged profits by year 4 without ITV on board. There first 3 years on air were loss making (without ITV) but after that they were profit making. 2006 like for everything is the wall. Canwest decide to sell their 45% share, ITV say they are interested but not at mad prices and we have a Capital Investment company getting a loan from Anglo Irish for up to €265million.

ftakeith

Onthe3rdDay wrote: »

TV 3 is now profit making but obviously this was not the case in the past. Some of the debt will be written off, perhaps 60% or more. Going forward a buyer would be able to run the company, pay off remaining debt and turn a true profit.

3 guesses who'll pick up the bill?

did the late nigel doughty the ex notts forest owner also own tv3, setanta and tv3 should merge, I'll say setanta's and tv3's sport output could fill both their high ratings and high turnover and give rte competition also

Elmo

ftakeith wrote: »

did the late nigel doughty the ex notts forest owner also own tv3, setanta and tv3 should merge, I'll say setanta's and tv3's sport output could fill both their high ratings and high turnover and give rte competition also

TV3 would like to imagine that RTÉ buys up all sporting rights, but in reality TV3 had over the last 15 years opportunities to buy GAA League, Celtic League, Domestic Soccer, Ladies GAA Championships, Wimbledon, Tour De France and lots more sport.

As for a merger of Setanta and TV3, I'd say NAMA and IBRC wouldn't even allow them to consider it. Setanta probably have as many problems as TV3.

I am surprised his death wasn't mentioned on TV3 or by TV3, very sad he was only 54.

The Cush

Sunday Indo article today - Mitt Romney might buy TV3 or not

Mitt Romney group eyes up Irish firms in Anglo debt sales

BAIN Capital, the mega-asset management firm co-founded by former US presidential candidate Mitt Romney, is running the rule over buying the debts to Anglo of a dozen well-known Irish-owned firms including the Racing Post, TV3 and Field's jewellers.

...

Tullamore Beta, the company behind TV3, is valued by Deloitte at just €15m versus its net debt to IBRC of circa €60m. After a 2009 restructuring, TV3 parked €81m worth of debt which is only repayable in certain circumstances.

Doughty Hanson, the station's 90 per cent shareholder, is expected to buy out the station's debt at a steep discount, making it unlikely there will be an opportunity for an outside investor to make money.

http://www.independent.ie/business/irish/mitt-romney-group-eyes-up-irish-firms-in-anglo-debt-sales-29194689.html

Elmo

The Cush wrote: »

Sunday Indo article today - Mitt Romney might buy TV3 or not

I read that an though "why does TV3 get to talk so much rubbish about RTÉ, when it was over priced in 2006, gets away with not repaying massive loans and is now worth only €15million!". The real kick in the teeth will be when Doughty Hanson buy their IRBC loan book at a reduced rate.

ftakeith

http://www.independent.ie/business/irish/utv-eyes-up-bid-to-take-over-debt-laden-tv3-29210693.html

utv might own tv3 in the future

channelsurfer2

Excellent... has Christmas come early? TV3 will finally be wiped from the nations mind and become UTV all-Ireland if it happens. Doubt they will succeed though with the vulture capitalists Doughty Hanson having all the cards ( and a helpful IBRC to park their debt)

Elmo

ftakeith wrote: »

http://www.independent.ie/business/irish/utv-eyes-up-bid-to-take-over-debt-laden-tv3-29210693.html

utv might own tv3 in the future

UTV 1 and 2 maybe the way to go. UTV 2 could take over from 3e in the South and ITV 2 in the north (Though ITV 2 would prob remain).

Any attempt by UTV to buy TV3 would have to be first looked at by the BAI and then by the Competition Authority (though not that either regulator would stop such a buy-out).

UTV television currently have a 2-3% share of the audience in comparison to times past when they had 10%. UTV Radio own FM104, CORK 96-103, Q102, Limerick's Live 95 and LMFM, while selling advertising for a number of other local stations.

I love the way the article sides up with TV3 management. Though I'd fear casting any kind liable towards TV3 management, but didn't they buy 3e for 10million and the Group is now worth 15million ????? (Mods can delete this last remark if they wish).

Capt'n Midnight

Why would UTV need TV3 if they could get a place on Saorview ?

They are already on cable / satellite.

Would it make more sense to wait until TV3 fails because it's no longer propped up and then fill the vacuum, possibly hiring key staff and renting out that Sony studio or the DCU venue. It's not like TV3 have irreplaceable assets.


IMHO the decision is more about politics than economic reality. It'll be about X jobs at risk and who knows who than letting nature taking it's course.

But are UTV interested in running a station down here ?

Sam Russell

Capt'n Midnight wrote: »

Why would UTV need TV3 if they could get a place on Saorview ?

They are already on cable / satellite.

But are UTV interested in running a station down here ?

They do not need to run anything down here, just a signal. TV3 do not have a presence in Wateford, Cork Galway, or Kerry, but their signal gets there. UTV could just make programmes in the North as they do now, and fill the gaps with ITV sourced programmes as TV3 does now. Not a big difference really, except for the accents.

watty

Yes, more sense to get TV3's licence revoked and UTV to get the licence. TV3 have zero infrastructure and staff that UTV needs.

irishfeen

watty wrote: »

Yes, more sense to get TV3's licence revoked and UTV to get the licence. TV3 have zero infrastructure and staff that UTV needs.

If they were to operate an All Ireland channel wouldn't they presumably want TV3's news and current affairs staff who are already in place ready to go rather then starting from scratch... i'm sure the fancy new HD studio could come in handy too.

Sam Russell

irishfeen wrote: »

I'm sure the fancy new HD studio could come in handy too.

I'm sure Sony would come to some arrangement with UTV.

irishfeen

Sam Russell wrote: »

I'm sure Sony would come to some arrangement with UTV.

Your probably right but in terms of TV3's licence being revoked I just can't see it happening... The BAI/Minister would be hounded for returning the country to an RTE broadcasting monopoly not to mind the hundreds of people who would loose their jobs.... it just wouldn't look good at all.

Capt'n Midnight

irishfeen wrote: »

If they were to operate an All Ireland channel wouldn't they presumably want TV3's news and current affairs staff who are already in place ready to go rather then starting from scratch... i'm sure the fancy new HD studio could come in handy too.

I keep forgetting that they already have staff down here

http://www.utvmedia.com/radio/default.aspx?areaid=100001




Q102
FM104
96FM
C103
Live95FM
LMFM
U105.8FM
Galway Bay FM
Beat FM

irishfeen

Capt'n Midnight wrote: »

I keep forgetting that they already have staff down here
Q102
FM104
96FM
C103
Live95FM
LMFM
U105.8FM
Galway Bay FM
Beat FM

Forgot about the radio presence actually, certainly would mean that TV3's current assets might not be worth a whole pile to UTV.

Elmo

irishfeen wrote: »

Forgot about the radio presence actually, certainly would mean that TV3's current assets might not be worth a whole pile to UTV.

UTV must be eyeing up TV3 down south. UTV currently have a 2% - 3% share of the RoI audience in comparison to The TV3 Groups 12% - 15% share.

I persum that much of reason that UTV have lost audience in the south in the last 10 years is down to the increased numbers of English Channels available, UTV for many people is seen purely as an extra channel like that of 3e, such channels in any country are only getting around 1% - 2% of the audience, this coupled with the fact that Sky Channels have advertising rates less than that of Radio which must mean that smaller channels are being eaten alive by Sky.

As I said a UTV buyout of TV3 would require The Comeptition Authority and the BAI to investigate The UTV's Groups significant media presence in the South.

The only reason to buy TV3 would be to launch UTV 2 using 3E.

In effect TV3 becomes UTV 1 ROI and 3E becomes UTV 2 ROI.

The only question for UTV, if they do buy TV3, is which brand is bigger, should they keep 2 brands one for the south and one for the north?

OR

UTV could buy ROI rights to ITV programming and set up an new channel on Soarview via Mux 2. This would mean that UTV can side step TV3's high loan book.

Sam Russell

Elmo wrote: »

UTV could buy ROI rights to ITV programming and set up an new channel on Soarview via Mux 2. This would mean that UTV can side step TV3's high loan book.

Do you mean that UTV could buy Corrie and other ITV shows for ROI and grab most of TV3 's audience - putting them out of business? They would need a Saorview channel but could start by using their slot on Sky and UPC and just buying the rights, forcing them off TV3.

That would just leave Exposed and Vincent Brown on TV3.:mad:

irishfeen

Elmo wrote: »

UTV must be eyeing up TV3 down south. UTV currently have a 2% - 3% share of the RoI audience in comparison to The TV3 Groups 12% - 15% share.

I persum that much of reason that UTV have lost audience in the south in the last 10 years is down to the increased numbers of English Channels available, UTV for many people is seen purely as an extra channel like that of 3e, such channels in any country are only getting around 1% - 2% of the audience, this coupled with the fact that Sky Channels have advertising rates less than that of Radio which must mean that smaller channels are being eaten alive by Sky.

As I said a UTV buyout of TV3 would require The Comeptition Authority and the BAI to investigate The UTV's Groups significant media presence in the South.

The only reason to buy TV3 would be to launch UTV 2 using 3E.

In effect TV3 becomes UTV 1 ROI and 3E becomes UTV 2 ROI.

The only question for UTV, if they do buy TV3, is which brand is bigger, should they keep 2 brands one for the south and one for the north?

OR

UTV could buy ROI rights to ITV programming and set up an new channel on Soarview via Mux 2. This would mean that UTV can side step TV3's high loan book.

They could I suppose buy the ITV programming rights for Ireland and not even bother dealing with TV3, if TV3 were to loose ITV programming it would be then end for them... UTV could then purchase TV3's other rights as the channel closes down.... in that case the BAI couldn't investigate could they? because they would have nothing to do with TV3.... it would bacically be a brand new channel.

irishfeen

Sam Russell wrote: »

Do you mean that UTV could buy Corrie and other ITV shows for ROI and grab most of TV3 's audience - putting them out of business? They would need a Saorview channel but could start by using their slot on Sky and UPC and just buying the rights, forcing them off TV3.

That would just leave Exposed and Vincent Brown on TV3.:mad:

Yeah it would actually be very easy for them to do it as they are part of the "ITV family".. I'm sure ITV would play ball for them.

Elmo

irishfeen wrote: »

They could I suppose buy the ITV programming rights for Ireland and not even bother dealing with TV3, if TV3 were to loose ITV programming it would be then end for them... UTV could then purchase TV3's other rights as the channel closes down.... in that case the BAI couldn't investigate could they? because they would have nothing to do with TV3.... it would bacically be a brand new channel.

Yes that would be another reason not to go after TV3 rather go after ITV rights.

1. If UTV go after ITV rights the competition authority and the BAI need not go near UTV.
2. If UTV decide to buy a FTA space on DTT in the Republic they remain regulated by OfCom, once a TV channel is licence from another EU country then it is automatically licensed in other EU countries, though rights issues remain. (ViaSat is an example which is largely regulated by OfCom.)
3. While they would have no rights to Channel 3 on Saorview there are so few channel numbers available they would at the very least get Channel 9. And it is unlikely that Soarview will grow.

irishfeen

Elmo wrote: »

Yes that would be another reason not to go after TV3 rather go after ITV rights.

1. If UTV go after ITV rights the competition authority and the BAI need not go near UTV.
2. If UTV decide to buy a FTA space on DTT in the Republic the remain regulated by OfCom, once a TV channel is licence from another EU country then it is automatically licensed in other EU countries, though rights issues remain.
3. While they would have no rights to Channel 3 on Saorview there are so few channel numbers available the would at the very least get Channel 9. And it is unlikely that Soarview will grow.

I don't think TV3 would last very long if UTV acquired ITV programming, how does the channel positions work on Saorview do you know?... it is a case that money buy's a better spot or does Saorview/Minister decide?

As TV3 would loose massive programming rights there might not be a need for TV3/3E if the were to continue on, UTV could buy 105 on sky off TV3 which would place them nicely.

Has the independent article been the only talk of UTV eyeing the south for expansion or could it all be hearsay I wonder?

Elmo

irishfeen wrote: »

I don't think TV3 would last very long if UTV acquired ITV programming, how does the channel positions work on Saorview do you know?... it is a case that money buy's a better spot or does Saorview/Minister decide?

As TV3 would loose massive programming rights there might not be a need for TV3/3E if the were to continue on, UTV could buy 105 on sky off TV3 which would place them nicely.

Has the independent article been the only talk of UTV eyeing the south for expansion or could it all be hearsay I wonder?

TV3 made a request to the BAI to move 3e to Channel 5, even though for many months after 3e continued to state that they were on Channel 6.

According to the BAI they plan to issue guidelines :rolleyes:

irishfeen

Elmo wrote: »

TV3 made a request to the BAI to move 3e to Channel 5, even though for many months after 3e continued to state that they were on Channel 6.

According to the BAI they plan to issue guidelines :rolleyes:

... it is TV3 I suppose, what else would you expect

Elmo

irishfeen wrote: »

... it is TV3 I suppose, what else would you expect

I expect that the BAI would run up guideline first then issue those guidelines and leave Channel 5 - 9 empty until such time as other channels are available.

.... it is the BAI I shouldn't expect too much.

watty

UTV covers 82% via Pay TV which essentially BAI has zero control of. Even though they pretend they have.

A TV3 Licence only adds 18% of households. All UTV needs is for TV3 to go bust. Actually technically they are bust.

They have no significant assets for any broadcaster. If they are bust any useful staff (hardly any and TV3 isn't a big employer) can be hired on UTV's terms rather than having to recognise existing contracts. UTV would be loony to buy TV3 and take on that €80M liability for a company that is worth a 1/10th of that at most.

If TV3 didn't exist where does the Advertising Revenue go?

The Cush

The Cush wrote: »

Sunday Indo article

Mitt Romney group eyes up Irish firms in Anglo debt sales

BAIN Capital, the mega-asset management firm co-founded by former US presidential candidate Mitt Romney, is running the rule over buying the debts to Anglo of a dozen well-known Irish-owned firms including the Racing Post, TV3 and Field's jewellers.

...

Tullamore Beta, the company behind TV3, is valued by Deloitte at just €15m versus its net debt to IBRC of circa €60m. After a 2009 restructuring, TV3 parked €81m worth of debt which is only repayable in certain circumstances.

Doughty Hanson, the station's 90 per cent shareholder, is expected to buy out the station's debt at a steep discount, making it unlikely there will be an opportunity for an outside investor to make money.

http://www.independent.ie/business/irish/mitt-romney-group-eyes-up-irish-firms-in-anglo-debt-sales-29194689.html

The above article was from last April, another article in the Sunday Independent on the sale of Anglo's loans

Anglo Irish Bank wind-down heats up

THE closing date for indicative bids for loans given to cash-generating business (Project Evergreen) by Anglo Irish Bank is next Friday. Here are some of the highlights:

...

TV3 The frontrunner here is Doughty Hanson, the heavily indebted station's existing owner. However, UTV is also sniffing around. The station is worth about €100m less than its debts so the taxpayer is facing a big hit.

http://www.independent.ie/business/irish/anglo-irish-bank-winddown-heats-up-29637361.html

UTV eyes up bid to take over 'debt laden' TV3 - 21 April 2013

watty

Doughty Hanson should not be allowed to get a discount as they deliberately created the debt by borrowing more that TV3 worth to get control then transferring the debt. Such "leveraged" buyouts ought to be illegal.

Why should they be rewarded for their immoral actions?

irishfeen

In lay man terms... is this good or bad for TV3?

Elmo

irishfeen wrote: »

In lay man terms... is this good or bad for TV3?

Financial it is great for TV3

The company is worth €15m
It owes €140m to NAMA which €81m is repayable only in certain circumstances
It earns circa €55m per year
They are into loses now but had profits from 04 to 11 AFAIK
I doubt TV3 lose sleep over their public funding/ tax payer bailout

watty

Makes no difference. Best thing for Irish viewer would be if Doughty Hanson / TV3 lost their licence and a new licence was PROPERLY enforced, but that logical outcome will not happen. The BAI/BCI and financial Regulator are responsible for the current "waste".

watty

Elmo wrote: »

Financial it is great for TV3

No, it's great gift / reward for Doughty Hanson's Asset stripping. TV3 won't see any significant extra investment in content nor expenditure on Saorsat etc.

Elmo

watty wrote: »

No, it's great gift / reward for Doughty Hanson's Asset stripping. TV3 won't see any significant extra investment in content nor expenditure on Saorsat etc.

You seem to think that TV3 care. But i agree it is good news for DH, they have now an option of buying their own debt at a knockdown price and writing the debt off. Followed by a quick sale.

Elmo

Last chance to put a bid in

http://www.rte.ie/news/2013/1011/479691-ibrc/

It will be interesting to see how this pans out. Imagine being able to buyout your mortgage, writing it down and paying back the new smaller loan you just took out to pay for your bad loan

excollier

Owe the bank a thousand, you are in debt (trouble). Owe the bank a million you are in business.
I hate anything that wears a neck tie and likes it.... they have no intention of actually ever working for a living.

Capt'n Midnight

How can they buy back their loans ?

If the value of the company is less than the loan shouldn't TV3 ownership be transferred to NAMA who would then try to get the money back ?