Cyrus Capital extends $250M offer to finance ION

AP News
Posted: Nov 16, 2009 4:39 PM

Investment firm Cyrus Capital Partners said Monday it has extended a $250 million offer to finance ION Media Networks Inc.'s exit from bankruptcy protection.

The offer, which was rejected by ION Networks' board of directors, includes $100 million more incremental capital than an earlier offer accepted by the board, Cyrus Capital said.

The offer will stand until a bankruptcy court accepts or rejects it, said the firm, which disclosed it in a letter to the ION Networks' board.