April 26, 2017 / 11:43 PM / 7 months ago

BRIEF-Ten Network says HY revenue fell 2.5 pct

April 27 (Reuters) - Ten Network Holdings Ltd

* hy revenue from continuing operations $ 339.735 million versus $348.5 million a year ago

* in december 2013 group established a $200m revolving cash advance facility

* H1 loss for period attributable to members $232.191 million versus profit of $13.375 million a year ago

* group is currently seeking to secure an amended or new borrowing facility with extended maturity and expanded size

* size of new facility to be requested by group has potential to be approximately $250m

* there is a material uncertainty that may cast significant doubt on group’s ability to continue as a going concern

* it may be unable to realise its assets and discharge its liabilities in normal course of business.

* there are ongoing discussions with shareholder guarantors and their advisors to consider necessary financing for group

* transformation program is board approved and well developed with material revenue and cost saving opportunities being identified

* discussions have commenced with a view to renegotiating material programming contracts

* company expects challenging advertising revenue market conditions to continue.

* “absent any relief in television licence fees, this will result in an underlying ebitda loss for full 2017 finanical year of between $25m and $30m.” Source text for Eikon: Further company coverage:

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