Respected Australasian director Rod McGeoch has confirmed it is proposed he will be chairman of the company that intends to purchase the businesses of MediaWorks NZ Limited.
It was announced today that MediaWorks NZ Limited funders have appointed Brendon Gibson and Michael Stiassny of financial advisory firm KordaMentha to oversee the receivership of MediaWorks NZ Limited and its subsidiaries, including RadioWorks Ltd and TVWorks Ltd.
Mr McGeoch says he is excited by the opportunity.
“I’m upbeat about the opportunities ahead for the business. It goes without saying that the new company needs the right capital structure to continue successfully. We have put in place a capital structure that will see debt levels reduced from over $700 million to less than $100 million. This puts the company in a much stronger financial position.
“I see a positive future built on the back of the current strong trading performance.
“MediaWorks has an experienced management team and a loyal and dedicated staff who work really hard and produce great radio and television. We are continuing our discussions with the receivers and hope to have a plan in place shortly,” says Mr McGeoch.
Well-known television producer Julie Christie will join Mr McGeoch on the new company Board. Other directors will likely be announced soon.
Mr McGeoch says it is testament to the strong MediaWorks brand that its funders have committed to future funding.
“We have confidence that the receivers and the company’s financial backers will help put those structures in place and then everyone can get on with running the business,” said Mr McGeoch.