Appointment of voluntary administrators – Ten Network Holdings

Ten Network Holdings Limited (ASX: TEN) announced that Mr. Mark Korda, Ms. Jennifer Nettleton and Mr. Jarrod Villani of Korda Mentha have been appointed as voluntary administrators of the Company and each of its subsidiaries. Notably, the decision follows correspondence received from Illyria and Birketu over the weekend which left the Directors with no choice but to appoint administrators. Further, the decision comes despite the groups considerable progress in realizing the potential sources of improvements to future earnings, which include, delivery of the cost and revenue initiatives identified in the transformation process currently underway; renegotiation of material programming contracts; and reduction in Federal Government imposed license fees.Moreover, with regards to the transformation process, the company has identified initiatives that are expected to have a positive impact on earnings in the order of at least $50 million in FY18 and potentially more than $80 million per annum by FY19.   

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