Notices seeking potential buyers or financiers for the Ten Network will appear in national newspapers on Thursday as administrators begin the process of trying to keep the troubled free-to-air broadcaster afloat.
Ten slid into voluntary administration last week, after it became clear two of the the group's key backers, billionaire shareholders Lachlan Murdoch and Bruce Gordon, would not extend their guarantee on the network's $200m debt facility to a new, $250m facility needed by December.
Mr Murdoch and Mr Gordon, who hold 7.7 per cent and 15 per cent of Ten, through their respective private investment companies Illyria and Birketu have become the subsequent focus of takeover speculation.
Mr Murdoch and Mr Gordon have combined their voting power and are working together on a plan to restructure or repay Ten's debt.
Administrator KordaMentha, has promised business as usual at Ten during the process of canvassing refinance or sale options.
That process will begin with advertisements seeking official expressions of interest, to be taken out in The Australian and the Australian Financial Review.
The administrators expect the sale or recapitalisation process will take around 60 days and involve a range of interested parties from around the world.
"The administrators are confident that the network is an attractive asset which will find a buyer or will be recapitalised," KordaMentha partner, Mark Korda said last week.
Ten shares are suspended from the ASX and were at 16 cents before entering a trading halt last week.
