A week after it went into a trading halt with its shares worth one-230th of their 2007 high, there are reports that Asian and Australian banks might be in a syndicate to restructure Seven West's $859 million net debt.

Meanwhile mutterings about the $40 million price tag agreed for the sale of Seven's Pacific Magazines to Bauer - which argued that its value was closer to half the agreed amount - have been resolved with a later completion date of May 1 agreed. The two agreed to the sale in October, but it took until March for Australian regulator the ACCC to decide it would not oppose it.

Seven West's change of fortune is a stark contrast to the successes of its key components - the top-rating TV station and the days when Perth daily the West Australian almost literally printed money. SWM's market valuation is currently at $115 million with debts of $859 million, while staff were recently told to take pay cuts of 20 per cent.

Bauer had earlier announced the immediate closure of its New Zealand operations amid speculation that a review of both this and Bauer Australia had been coming even before coronavirus hit.

On April 15, The Australian reported that Seven West had brought in Grant Samuel to help manage its $859 million net debt and negotiate with banks. A syndicate of eight banks is understood to include to include Australia's four major banks, and four Asian banks - two Chinese and one each from Singapore and Japan.