Also, WB 21 / My 68 owner also considers filing for bankruptcy
New Vision Television filed for bankruptcy Monday. The company, based in Atlanta and Los Angeles, owns 16 stations nationwide including CBS 42 (WIAT) in Birmingham.
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.
Update: The CBS 42 Twitter feed called the move “good for us- no layoffs and more good news coming today.” The station hired former NBC 13 anchorman Ken Lass to start Sept. 1.
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.
Sinclair owns and operates WB 21 (WTTO) and My 68 (WABM) in Birmingham.
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