05.29.2003 12:00 AM
PVI Expected To File for Bankruptcy
Princeton Video Image, a provider of real-time virtual advertising and interactive services, is expected to file for Chapter 11 bankruptcy protection in the next several days. PVI says it is negotiating with a newly formed entity owned by Presencia en Medios, SA de CV and Cablevision Systems Corp. to purchase all of the assets of PVI and to provide debtor-in-possession financing for around 90 days.

Presencia and Cablevision are secured creditors of PVI and hold around 45 percent of its common stock. The asset sale would be subject to bankruptcy court approval and a bidding procedure in accordance with bankruptcy law. The filing and agreement are subject to forming definitive agreements approved by PVI's board of directors.

If the asset sale goes through, PVI would be liquidated according to a plan subject to bankruptcy court approval. If liquidated, recovery of PVI for shareholders is "highly unlikely." PVI says it does not expect disrupted services to its customers during the debtor-in-possession financing.


Comments
Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found




Thursday 11:07 AM
The Best Deconstruction of a 4K Shoot You'll Ever Read
With higher resolutions and larger HD screens, wide shots using very wide lenses can be a problem because they allow viewers to see that infinity doesn’t quite resolve into perfect sharpness.


 
Featured Articles
Discover TV Technology