Monday, 4 September 2017 Ten Network creditors will meet in Sydney on Tuesday 12 September 2017 to vote on the proposed Deed of Company Arrangement (DOCA) that provides for CBS ownership and payments to creditors subject to Court approval and approval from the Foreign Investment Review Board. KordaMentha Restructuring says in a report to creditors released today that the proposed DOCA enabled the business to continue and maximised the return to creditors as a whole. On 1 September 2017, the Ten Network’s secured debt of $143 million was refinanced in full by CBS, which also provided a $30 million facility to support operations while the DOCA is implemented. CBS hopes to work with Twentieth Century Fox (Fox) to renegotiate its content agreement. However, if agreement cannot be reached, Fox will receive a one-off payment of up to $3.4 million against claimed debts. The report shows that under the terms of the DOCA CBS agreed to forgo any return from its unsecured claim and provide a further $205 million in financial support for the Ten Group and its creditors. Summary of estimated returns Secured creditors Refinanced 100 cents in $ Employees 100 cents Key content providers who remain with Ten Network 100 cents General trade creditors 100 cents Financial, statutory and other creditors 34 cents Onerous and terminated contracts (excluding Fox) 10 cents Fox renegotiated or a payment of up to $3.4m CBS Excluded from returns The report says investigations so far had not identified any improper conduct in the lead-up to the appointment of administrators and the company was not insolvent until 13 June 2017. The Second Meeting of Creditors will be held at the Sydney Harbour Marriott Hotel, Pitt Street Sydney, at 11.00 am on Tuesday 12 September 2017. If the DOCA is approved by creditors, the Deed Administrators (KordaMentha Restructuring) will apply for Court approval to transfer all the shares in the public company Ten Network Holdings Limited to CBS as part of the transaction. The sale is also subject to approval by the Foreign Investment Review Board. KordaMentha expects to formally complete the sale by mid-October. It is estimated returns to most creditors will be paid by the end of the year. Media inquiries: Michael Smith – (03) 9440 9387 or 0411 055 306