Ten Network asked for trading in its shares to be halted today after key millionaire backers including Lachlan Murdoch refused to guarantee bank loans that would keep the financially troubled network alive.

The company's share price plummeted to just 16cents ahead of the request to the Australian Securities Exchange, which valued the network at less than $60million.

In a statement to the exchange, Ten said key major shareholders – Mr Murdoch's Illyria Pty Ltd and Birketu Pty Ltd, the investment vehicle of millionaire Bruce Gordon – would no longer support credit facilities that are keeping the company afloat.

In 2013, James Packer, Lachlan Murdoch and Bruce Gordon agreed to guarantee a $200million loan for the company.

The loans expire on 23 December, after which the company will be liable for the debts that the company has made clear it does not have the funds to pay.

James Packer, who is also a major shareholder, is also reportedly keen to get rid of his 7.7 percent stake in the ailing network, according to the Sydney Morning Herald.

A trio of billionaires who helped bail Network Ten out of debt four years ago are unlikely to do the same as the company scrambles for a new $250 million loan, sources say

In a statement to the exchange, Ten said key major shareholders – Mr Murdoch's (left) Illyria Pty Ltd and Birketu Pty Ltd, the investment vehicle of millionaire Bruce Gordon (right) – would no longer support credit facilities that are keeping the company afloat

Channel 10 is home to television shows such as The Bachelorette, MasterChef, The Project and Have You Been Paying Attention?

In 2013, James Packer, Lachlan Murdoch and Bruce Gordon agreed to guarantee a $200 million loan for the company

The network is reportedly urgently trying to come up with a severe cost-cutting plan and to renegotiate expensive deals with US studios for many programs that have proved unsuccessful in Australia.

The network has asked for the trading halt until Thursday, when it will make a major announcement on its future.

The board said in April it was not sure it could continue if the company did not renegotiate contracts with US networks CBS and 20th Century Fox, receive license fee cuts, cut costs and secure a guarantee from Murdoch, Packer and Gordon again.

If the company is placed into the hands of administrators, it would give the company and Parliament more time to evaluate proposed media reform laws that could scrap the licence fees.

Ten said key major shareholders – Mr Murdoch's Illyria Pty Ltd and Birketu Pty Ltd, the investment vehicle of millionaire Bruce Gordon – would no longer support credit facilities that are keeping the company afloat

James Packer, who is also a major shareholder, is also reportedly keen to get rid of his 7.7 percent stake in the ailing network

The broadcaster also produces The Bachelor (pictures is Richie Strahan and Alex Nation)

Licence fees cost the broadcaster $23 million a year.

Mark Westfield, author of a history of Australia's media industry called The Gatekeepers, told Daily Mail Australia the network has frequently struggled since it was launched in the 1960s.

'They have perpetually been in financial trouble and always relied on a major share holder,' he said.

'But every time they’ve gotten into trouble they’ve managed to find a buyer,' he said.

Mr Westfield said he believes Foxtel could be a buyer with a share of 14 percent.

Channel 10 is home to television shows such as The Bachelor, The Bachelorette, MasterChef, The Project, Neighbours and Have You Been Paying Attention?