MediaWorks NZ, the broadcaster whose stable includes TV3 and Four, and radio stations including Radio Live, the Rock and MoreFM, was placed into receivership on June 17, 2013. Mediaworks NZ Limited funders have appointed Brendon Gibson and Michael Stiassny of KordaMentha – a financial advisory firm, to oversee the receivership of the company and its subsidiaries. Gibson and Stiassny both reassured customers of no further changes during the on-going process of the receivership.

Prominent Australian businessman Rod McGeoch will chair the new company’s board and former Eyeworks Touchdown’s CEO Julie Christie will join him on the board.

The Auckland-based broadcaster has been looking at ways to reduce its debt burden after Australian private equity firm Ironbridge Capital bought CanWest’s 70 per cent stake in 2007 for some $741 million. According to The New Zealand Herald,all its assets would be transferred to a new entity called Newco, led by the senior lenders of the current business. It is understood those lenders include Westpac Banking Group, Rabobank, RBS Group, TPG Capital, Oaktree Capital and JP Morgan.