Ion Media Networks has filed for Chapter 11 bankruptcy protection in New York, after reaching a debt restructuring agreement with its creditors, Bloomberg reported Wednesday. The company has arranged for the conversion of all its debt to equity.

The Florida-based television group's filling revealed debt of more than US$1 billion and assets of $10 million.

The agreement freed $2.7 billion worth of debt and preferred stock from a group bearing more than 60 percent of Ion's debt, on a promise to restructure the obligation. Ion will receive a further $150 million from a primary group of secured debt holders, Bloomberg reported.

"We look forward to working with all senior debt holders and other stakeholders to facilitate a complete and expeditious restructuring," Chairman and Chief Executive Officer Brandon Burgess said in the statement. "We are positioning the business for growth and will emerge from the restructuring in a strong position to serve viewers, clients, and stakeholders."

More than 100 subsidiaries simultaneously filed for bankruptcy protection.