New Vision Exits Bankruptcy

By Andrew Gauthier 

Broadcasting & Cable

New Vision Television is out of its 2 1/2 month restructuring process, having eliminated $400 million in debt and emerging with “significant working capital,” according to a statement. New Vision, which owns or provides services to 14 network affiliated stations, entered Chapter 11 protection July 13.

Founder/CEO Jason Elkin says the company is in tiptop shape. “With the elimination of all $400 million of our historical debt, New Vision now has one of the strongest balance sheets in our sector,” he said. “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.”

Moelis & Company served as financial advisor, and Locke Lord Bissell & Liddell acted as legal counsel for the restructuring. More…