LOS ANGELES: New Vision Television announcedtoday that it emerged from its 80-day restructuring process. The broadcast company eliminated $400 million in debt through bankruptcy.
“Being debt-free will enable us to invest in our people, our product and complementary acquisitions to drive New Vision forward, while our competitors continue to focus on daily liquidity and covenant compliance,” said Jason Elkin, CEOI and founder of New Vision.
New Vision filed for Chapter 11 in July after reaching agreement with its first- and second-lien debt holders to convert the $400 million in debt to equity in the reformed company.
New Vision owns and/or operates 14 network-affiliated television stations, including duopololies in Honolulu, Topeka, Kan., and Savannah, Ga.,; and four stations in Youngstown, Ohio. The company was formed in July 2006 by Elkin, who will remain chairman and CEO.
Moelis & Company served as financial advisor; Locke Lord Bissell & Liddell acted as legal counsel for the restructuring.
More on New Vision:
July 16, 2009: “New Vision Television Bankruptcy Goes Forward”
New Vision Television, mid-sized market broadcaster, received a $28 million line of credit during its bankruptcy proceedings this week. New Vision filed for Chapter 11 on Tuesday with liabilities tenfold of assets--between $10 million and $50 million compared to liabilities of $100 million to $500 million, court documents indicated.
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