30 Sep 2013

MediaWorks NZ sale details not settled yet

12:10 pm on 30 September 2013

Settlement of the sale of MediaWorks NZ, which is in receivership, to MediaWorks Holdings has been postponed.

Settlement had been planned for Monday, but the receiver, KordaMentha, says a small number of complex commercial arrangements are still being negotiated.

The receiver says the delay is not surprising given the complex nature of the transaction and the majority of the conditions in the sale and purchase agreement have now been satisfied.

KordaMentha says it's pleased with the progress being made and expects the settlement to occur within weeks.