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Article: Packer cuts ties as PBL debts rise.
- Article from:
- Australasian Business Intelligence
- Article date:
- October 27, 2008
CopyrightCOPYRIGHT 2008 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Lara Sinclair
Oct 27, 2008 (The Australian - ABIX via COMTEX) -- The stake of Consolidated Media Holdings (CMH) in PBL Media has been reduced from 25% to just 10%. CMH's James Packer and John Alexander will also step down as directors of PBL, after their company declined to inject $A75m into the joint venture with private equity firm CVC Capital Partners. The latter may now fund PBL with another $A300m, but wants to gain more favourable terms from the lenders on PBL's $A4.2bn in debt. Despite PBL being a media group, ...
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