HT Media owned MediaWorks NZ Ltd that runs TV3, C4 and half of New Zealand's commercial radio stations, has successfully completed its recapitalization including comprehensive restructuring of its banking arrangements.

MediaWorks informed, "Shareholders have made an increased capital commitment of NZ$70 million which has been used to repay senior debt, reset fixed interest rate swaps and provide ongoing liquidity to the company."

Contributing NZ$50 million of the new capital in the firm, Ironbridge turned a leading shareholder of the company which operates in 23 markets besides instrumental in looking after 18 Web sites and a mobile network.

Ironbridge New Zealand managing partner Kerry McIntosh said the restructuring would prove very beneficial for the firm and help to boost its revenue.

He added, "(The firm) believes MediaWorks is a high-quality business and that was a key driver of our decision to support the business and its senior management team by investing further funds."

However, McIntosh ruled out the possibility of sale of the company adding fare earnings and recoveries are in the interest of both shareholders and the company.