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The upfront issue for Mike was to understand how we proposed to solve the Austar balance sheet problem, a euphemism for the company’s massive debt overload. In particular, how could CHAMP take care of the $700 million of junk bonds that had been issued to hedge funds in the US market, secured by mortgage on the 51 per cent majority shareholding in Austar then owned by US cable TV company, UGC.
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Bill Ferris (Inside Private Equity: Thrills, spills and lessons by the author of Nothing Ventured, Nothing Gained)