Also, WB 21 / My 68 owner also considers filing for bankruptcy
The company, which goes by the name New Vision Television, said in a statement it has an agreement that will eliminate more than $400 million in debt and provide it with capital to continue its operations. The company secured $30 million in new financing, according to the statement.
“Our daily business operations will not miss a beat,” said Jason Elkin, chief executive officer, in the statement.
Jobs and employee benefits will be “intact,” operations will continue as usual “and as soon as the pre-arranged court process has ended, New Vision will emerge as a nimble, well-financed company,” he said.
Meanwhile, Baltimore-based Sinclair Broadcast Group faces a heavy debt load ($1.33 billion) and declining ad sales, like most TV owners. It warned in an SEC filing that it may be forced for file for bankruptcy.
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