Yesterday it was announced that the Sinclair Broadcast Group was considering filing chapter 11. Today there is news that another broadcasting company, New Vision Television, which operates 14 U.S. television stations, has filed for bankruptcy and plans to turn the company over to lenders to cut its roughly $410 million in debt.
Five of the Atlanta-based company’s stations are affiliated with CBS, two with NBC, two with ABC and four with Fox, according to court documents filed late Monday.
New Vision Television operates in markets ranging from Portland, Oregon, the country’s 22nd largest, to Bend, Oregon, which ranks No. 192. Standard & Poor‘s cuts the company’s credit rating in April, noting it was suffering from a drop in revenue due to the recession and a decline in campaign spending in a nonelection year. (via Reuters)
In a statement, New Vision CEO Jason Elkin promised that the restructeuring would not change business operations, saying, “Our daily business operations will not miss a beat: Jobs and benefits for our employees will be intact; advertisers will continue to receive top customer service.”