The deal was announced by Nine CEO David Gyngell outside a meeting with the media company’s lenders in Sydney.
“Channel Nine’s back,” Mr Gyngell told reporters. “[It] is going to be a debt free company which makes it the most powerful media balance sheet in the country.”
The last hour deal comes after months of speculation about the future of the broadcaster and fears that the company may be forced to call in administrators.
Nine has been in tense negotiations with its creditors who were owed a total of $3.3 billion.
Moments after signing off on the deal to avoid the company running out of money, Mr Gyngell came out of the meeting with a strong message for Nine’s doubters.
“All the doomsdayers out there will have to eat their words,” Mr Gyngell said.
“We’ve never had a more powerful balance sheet.”
Source: Pic & Story: NineMSN