ShakAttack
Jul 14th 2009, 07:37 AM
New Vision Television said that it was going to file for voluntary bankruptcy after announcing a financial restructuring plan.
In a statement released late Monday, New Vision Television, which owns and operates 14 stations across the United States, said it has reached agreement with its first and second lien debt holders to eliminate the company's debt and guaranteed obligations of more than $400 million. The company has secured approximately $30 million in new financing as part of the deal.
The new financing provides New Vision with the capital to ensure the company's uninterrupted business operations as it files for bankruptcy in U.S. Bankruptcy Court in Delaware.
New Vision chief executive Jason Elkin said in the statement that jobs and benefits for employees will remain intact as the filing proceeds. New Vision has corporate offices in Atlanta and Los Angeles.
In a statement released late Monday, New Vision Television, which owns and operates 14 stations across the United States, said it has reached agreement with its first and second lien debt holders to eliminate the company's debt and guaranteed obligations of more than $400 million. The company has secured approximately $30 million in new financing as part of the deal.
The new financing provides New Vision with the capital to ensure the company's uninterrupted business operations as it files for bankruptcy in U.S. Bankruptcy Court in Delaware.
New Vision chief executive Jason Elkin said in the statement that jobs and benefits for employees will remain intact as the filing proceeds. New Vision has corporate offices in Atlanta and Los Angeles.