Nine Entertainment made a $972 million loss for the financial year ending June 30 - taking its total accumulated losses to more than $2.5 billion - as the media group headed for collapse.

In financial reports just released to the corporate regulator, Nine confirmed its dire financial condition over the last year with a $783 million write down on the value of its assets last year. This includes a $720 million writedown to the licence value of the Nine network.

The company recorded asset impairments totalling more than $1.5 billion over two years.

These writedowns do not impact on the company’s underlying financial performance but the report shows how badly the business struggled under the multibillion dollar debt load that threatened to sink Nine. The company was not generating enough cash to pay its way with operating cash flows in the negative to the tune of more than $17 million last year.

Nine generated $45 million cash from its operations for the prior year.

In October the company avoided collapse when its creditors finally agreed to swap their debt for ownership of Nine after weeks of tense negotiations. Documentation of the scheme of arrangement giving effect to the transaction are due to be lodged with the courts at any time. 

‘‘As soon as the restructure is effected, it is expected that all existing senior and mezzanine debt will be converted to equity and/or refinanced,’’ the company said in its financial report.

‘‘In light of this agreement, the company expects to continue as a going concern.’’

Earnings before interest, tax, depreciation and amortisation (EBITDA) - the metric used for valuing the company by its lenders - was $238 million, down from $278 million the prior year. 

The report, which was signed off on October 31, said that the company expected to breach its debt covenants on November 14. By that stage the lenders had agreed to the restructure.