"The record has to count for something.": 21st Century Fox chief executive James Murdoch (right) with brother Lachlan and father Rupert. Credit:AP "Most creditors of the Ten Network businesses will get paid in full under the KordaMentha restructuring plan to sell the network to CBS," KordaMentha said in a statement on Monday afternoon. The CBS deal "enabled the business to continue and maximised the return to creditors as a whole," it added. Financial and statutory creditors will get only 34 cents in the dollar and any terminated or onerous contracts will get 10 cents in the dollar. Twentieth Century Fox, which is owned by the Murdoch-family controlled 21st Century Fox, has been asked to renegotiate its content agreement with Ten. It supplies several shows to Ten like Modern Family, The Simpsons, and This is Us.

CBS' largest shareholder, Sumner Redstone Credit:Bloomberg "However, should these negotiations fail, Fox will receive a one-off payment of up to $3.4 million against claimed debt," according to administrators KordaMentha. Twentieth Century Fox claimed debts of $2.6 million ahead of Ten's first creditor's meeting. And CBS has offered to pay 100 per cent to key content providers, but only if they stay with the network. A spokesman for KordaMentha could not say how much they would receive if their shows left the network. The administrators have set aside $32 million for content providers. This includes Fremantle Media, which produces Neighbours, is owed $425,000, ITV Australia, which makes I'm a Celebrity ... Get Me Out of Here! , which is owed $1.9 million. EndemolShine, which is part-owned by 21st Century Fox, but is being treated as a standalone company, is owed $1 million. It creates some of Ten's major ratings winners like MasterChef, Survivor, Offspring, and Shark Tank.

Ten's 750 employees will receive up to $56.2 million. This includes providing for annual leave and long service leave, and paying out any entitlements owed to former staff. Those who stayed at Ten have received salary and superannuation as usual, according to the administrators. A second creditors meeting has been scheduled at the Sydney Harbour Marriott Hotel on Tuesday, September 12, where creditors will be asked to vote on the deed of company arrangement (DOCA). The DOCA needs a majority of creditors and a majority of the dollar value of all debts to vote in favour to pass. "The report says investigations so far had not identified any improper conduct in the lead-up to the appointment of administrators and the company was not insolvent until June 13," the statement added. June 13 was the day guarantors Mr Murdoch and Mr Gordon informed Ten's board it could no longer draw down on the existing $200 million facility from the CBA because they were not longer willing to guarantee it. The creditors report notes Ten was losing money every month from April to June this year. It lost $15 million in April, $3 million in May and would have lost $20 million in June but for the government's decision to scrap broadcast licence fees, which resulted in a 'write back' of $18.6 million.

They then lodged an application with the competition watchdog to buy Ten, which was approved. However, CBS emerged as the surprise front-runner to buyer Ten on August 28, just days before Ten's administrators had to repay CBA the guarantors. If creditors approve the DOCA, KordaMentha will apply for court approval to transfer all the shares in the public company to CBS. Shareholders will be informed about the transfer and can appear before the court. It expects the sale could be complete by mid-October with creditors paid by the end of the year, pending Foreign Investment Review Board approval. As previously reported by Fairfax Media, several shareholders are contemplating a class action and have approached Slater and Gordon to investigate a case.

The Australian Shareholders' Association is lobbying Treasurer Scott Morrison to force CBS to compensate shareholders as part of the FIRB approval. The creditors report reveals the company hired to sell Ten, Moelis, sent out "teasers" to 53 potential bidders, but only received two binding offers by August 24. They concluded CBS's offer had the best value, was less complex, regulatory approvals and the ability of of parties to achieve conditions precedent. The other bid was from Mr Murdoch and Mr Gordon.