The administrators to the failed Ten Network have backed the proposed sale to the US broadcasting giant CBS as the best possible outcome for secured investors and the broadcaster's staff.
Mark Korda of the insolvency group KordaMentha has also told the ABC that delayed media reforms in Australia were not a factor in sidelining a bid from the media magnates Lachlan Murdoch and Bruce Gordon.
"I think the (Murdoch/Gordon) bid could have been accepted whether the media laws had changed or not," Mr Korda told the AM program.
"It was a viable option. But I think there was a combination of things after a long auction process with a number of bidders."
Mr Korda said the conditional sale to CBS was not influenced by local political factors, but was the best deal at the time for Ten Network creditors.
"It provides the best returns for the creditors, the best settlement terms, and thirdly, it's likely to be approved by the majority of creditors," Mr Korda said.
Mr Korda is confident that the sale to CBS will receive approval from the Foreign Investment Review Board, which needs ultimate sign-off from Treasurer Scott Morrison.
While secured creditors get a full payout under the restructuring deal, ordinary shareholders will get nothing.
"For shareholders, there is no return," Mr Korda explained.
"The value of the bid is substantially below where the creditors are, so it is not anticipated that shareholders will get a return. That is not unusual in these situations."
But Mr Korda rejected claims that Ten might have been trading while insolvent before the company went into voluntary administration on June 14.
He also said shareholders were not kept in the dark, and that there was no evidence Ten was trading while insolvent.
"We did a comprehensive review of the company and our investigations found that the company was likely to have been insolvent on or about June 13," Mr Korda said.
Mr Korda said Ten had no obligation to inform the stock exchange that the billionaire James Packer had decided to withdraw his credit guarantee by the end of the year.
"I have seen some legal advice to the company that said the fact that the Packer group might not refinance at the end of the year was not required to be disclosed to the Australian Stock Exchange," Mr Korda said.
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