The United States Bankruptcy Court has approved New Vision Television's Plan of reorganization, following the company's move into bankruptcy protection July 13. Under the plan, New Vision's $400 million of debt and guaranteed obligations is eliminated, and the broadcaster will be provided with "sufficient capital to ensure the company's uninterrupted business operations, and New Vision's existing management and employees will remain in place."
The restructuring is subject to FCC consent; New Vision says it expects the approval shortly.
New Vision Founder/CEO Jason Elkin says it's been business as usual through it all. "Our daily business hasn't been impacted at all: Jobs and benefits for our employees are intact; advertisers have continued to receive top customer service; and our stations have continued to invest in best-of-class news coverage and other programming," he says. "Now the way is clear for New Vision to emerge from this restructuring process in the very near future--as a financially strong and agile company, with great employees, loyal advertisers, committed local audiences, and valuable geographic and network diversification among our stations."
At the time of New Vision's move to Chapt. 11 protection, Elkin called New Vision "one of the many highly-leveraged American companies that, even when outperforming their industries, are unable to manage high debt service costs in these difficult economic times."
New Vision owns 14 affiliated stations, including KOIN Portland and WIAT Birmingham.