Ion Media files Chapter 11.

[Nick]

From TVSpy.com (http://www.tvspy.com/): Long- struggling television station owner Ion Media Networks Inc. filed for Chapter 11 bankruptcy protection on Tuesday in U.S. Bankruptcy Court in New York City.

West Palm Beach-based Ion said it reached an agreement with a group of debt holders to convert its debt to equity.

In its bankruptcy filing, Ion Media listed liabilities of more than $1 billion and assets of less than $50,000. More than 100 subsidiaries of Ion Media also filed for bankruptcy.

A group owning more than 60 percent of Ion's senior secured debt agreed to the restructuring, which would forgive more than $2.7 billion in debt and preferred stock, the company said Tuesday. (more)

Editor's note: ION Media Networks - formerly known as Paxson Communications - owns and operates over 60 television stations across the country.

[phrelin]

Maybe in the end we'll actually gain a network with series programming. From Adweek (http://www.adweek.com/aw/content_display/news/media/e3i82a4bef380199312060ac200299de58d): "We are pleased with the support from our first lien senior debt holders to resolve the company's legacy debt issues and fund our television growth plans," said Ion CEO Brandon Burgess. "We are positioning the business for growth and will emerge from the restructuring in a strong position to serve viewers, clients and stakeholders."

Current programming includes a mix of off-network reruns such as NCIS and Boston Legal, as well as motion pictures. Additional syndicated shows, such as Criminal Minds and Ghost Whisperer, will join the line-up in the second half of the year, along with several originals, including the crime drama Durham County starring Hugh Dillon.

"Durham County" is a Canadian show and Hugh Dillion is this guy from "Flashpoint":

http://ia.media-imdb.com/images/M/MV5BMTUwMzg2Nzc4NF5BMl5BanBnXkFtZTcwNjkzMDc0Mg@@._ V1._CR84,0,332,332_SS100_.jpg

He describes "Durham County" in two interviews. First, in TVGuide (http://www.seattlepi.com/tvguide/406247_tvgif14.html):
TVGuide.com: You also have a Canadian series, Durham County, that's airing in the U.S. this year on ION Television. What's it about?
Dillon: It's a very dark, nightmarish show about this homicide cop who moves back to his hometown after his partner gets shot and killed. And he discovers his hometown is creepier than when he left. It's a very brutal, nightmarish program — and a very different animal. It's a dark little show.
The second in this interview (http://news.popstar.com/Article/889): PopStar: The Canadian hit show Durham County which has won over 11 Gemini is coming to the States this September on ION Television. What can we expect to see in this award winning show?
Hugh Dillon: It is an incredibly dark piece of film making. It is a riveting story that deals with a homicide cop that comes back to his hometown and discovers his childhood friend is a serial killer. It is a very dark and disturbing no holds barred type of show however it is very compelling. It is one of those shows that are so addicting you will be hooked from the first frame. It is like watching a great feature film that is finely crafted.Sounds interesting to me.:)

[GaryPotter]

I have to wonder whether those ION stations would make more money just being regular independent stations. ION is a complete waste anyway.

[Jimmy 440]

I don't think I've ever watched a thing on ION ever !

[samhevener]

Several years ago they bought channel 23 in Akron and gutted everything. They turned it into a 24 hour a day wasteland infomercial station. The city had to fight to get them to continue the local news for another year. I have nothing good to say about these people.