The 14-station TV group said it used 80-day Chapter 11 bankruptcy to restructure the finances of the company. In the new order, debt holders received equity in the company and seats on the board. Jason Elkin, who remains CEO, said the group now has “one of the strongest balance sheets” in TV broadcasting.
New Vision Television said today that it is emerging from Chapter 11 bankruptcy as a financially stronger company with “significant working capital.”
The restructuring of the station group, which owns 14 network affiliates, took 80 days, said CEO Jason Elkin in a prepared statement. “With the elimination of all $400 million of our historical debt, New Vision now has one of the strongest balance sheets in our sector.
“Being debt-free will enable us to invest in our people, our products and complementary acquisitions to drive New Vision forward, while our competitors continue to focus on daily liquidity and covenant compliance.”
In the restructuring, the company’s first and second lien debt holders received equity in the company and seats on the board.
Elkin, who founded the company just three years ago, will remain chairman and CEO.