Taxpayers may wind up covering for MediaWorks again with an unusual restructuring deal that appears to free them from a potential $22 million obligation to the Inland Revenue department.
Banker lenders - including Westpac, the Royal Bank Of Scotland, Rabo Bank and the Bank of Scotland - were part of a consortium that called in receivers KordaMentha.
But the key role for receivers as they managed the going concern will be selling it back to a new firm the lenders control have shed potential obligations to IRD.
Senior lenders - owed around $400 million - have formed a new company with the debt having been reduced from $700 million to $100 million along the way.
The lenders - which also includes Morgan Stanley, hedge funds TPG Oaktree Capital Management - have been talking about a restructuring for months and with bankers at the start of the year.