U.S. Bankruptcy Court has approved of New Vision Television’s first-day motions, reports New Vision, including keeping employees paid and their benefits intact, and its access to a $28 million line of credit as it restructures.
New Vision, owner of 14 stations, announced yesterday it was entering bankruptcy protection.
"The Court's decision will allow us continue to operate our business as usual,” said New Vision Chairman/CEO Jason Elkin. “The Court's quick ruling also marks a smooth entry into what we hope will be a short and consensual bankruptcy process that will restructure all of the company's debt and lead to the emergence of New Vision as a much stronger entity going forward."
The court also permitted New Vision to make key operational payments and established procedures to “streamline the proceedings with the goal of speeding New Vision’s emergence from bankruptcy,” New Vision said in a statement.
Moelis & Company is New Vision’s financial advisor and Locke Lord Bissell & Liddell is its legal counsel.