Australia’s Nine Nears Deal for Debt

Lenders to Australia's beleaguered Nine Entertainment television network, owned by CVC Capital Partners Ltd, are close to agreeing on a deal to swap debt for equity, Reuters reported Tuesday. The deal will wipe out CVC's A$1.8 billion ($1.84 billion) equity investment in Nine, marking the largest-ever loss on a single private-equity deal in Asia, and one of the biggest globally. Nine had proposed a debt-for-equity swap deal to avoid going into receivership.

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