Nine Network owner CVC Asia Pacific has removed Adrian MacKenzie from Nine’s board.
MacKenzie, a CVC managing partner, will step down immediately.
Red Earth Holdings, the holding company of the CVC investment in Nine, made the announcement this morning.
“CVC is doing this to make clear that the Nine board is free to continue to act independently in facilitating a deal between senior and mezzanine debt holders in relation to the capital structure of the company,” a spokesperson said, according to various reports.
“CVC will participate in such a deal alongside Goldman, assuming agreement can be reached with the senior lenders.”
MacKenzie announced his resignation from CVC last month.
Transurban revenue on the increase
Transurban revenue from toll roads in Sydney and Melbourne rose to $195 million in the September quarter.
The company, which owns the CityLink toll road in Melbourne, the Lane Cove Tunnel and the Eastern Distributor in Sydney, announced toll revenue rose 1.3% from the same period last year.
”The September quarter has seen continued revenue growth across the portfolio, with the exception of Hills M2, despite the uncertain economic climate and construction disruption on the Sydney network,” chief executive Scott Charlton said in a statement.
US Federal Reserve announces bank stress test
The United States Federal Reserve has announced a new round of stress-tests for major banks.
“The Federal Reserve will begin conducting supervisory stress tests under the final rules this fall for the 19 bank holding companies that have already undergone testing,” it announced.
This article was first published on LeadingCompany’s sister site, SmartCompany.