New Vision Television's Reorganization Plan Approved by Court; Company Restructuring Nearing Completion

New Vision Television's Reorganization Plan Approved by Court; Company Restructuring Nearing Completion

Key Court Approval Comes 60 Days after Start of New Vision's Restructuring Process

LOS ANGELES, Sept. 10 /PRNewswire/ -- New Vision Television announced today that the company's Plan of Reorganization has been approved by the United States Bankruptcy Court, District of Delaware. The Court's decision signals an imminent end to New Vision's restructuring process. New Vision began its restructuring process on July 13, 2009 with the support of the company's first and second lien debt holders, and New Vision's debt holders today unanimously supported the company's Plan of Reorganization. New Vision owns or provides services to 14 major network-affiliated television stations across the United States.

Under the Plan, as approved by the Court, all of New Vision's debt and guaranteed obligations of more than $400 million will be eliminated. New Vision 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.

"New Vision has reached an important milestone," said Jason Elkin, New Vision's founder and Chief Executive Officer. "As we began this restructuring process, we promised our employees, our viewers and our advertisers that New Vision wouldn't miss a beat, and we haven't. 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. Now, with the Court's approval of our reorganization plan, 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."

New Vision's restructuring is subject to the prior consent of the Federal Communications Commission. New Vision has sought such consent and expects approval shortly.

"New Vision's tremendous progress in just 60 days is a tribute to everyone who has been involved," concluded New Vision CEO Jason Elkin. "We are grateful for the tremendous faith our debt holders have shown in New Vision's business model and future prospects, and we are thankful for the dedication and loyalty of our employees, advertisers and viewers."

New Vision Television is the third station ownership group led by Jason Elkin and an experienced management team. Mr. Elkin's first two station groups were both highly successful. New Vision 3 was formed in July 2006.

Moelis & Company is serving as financial advisor to New Vision Television, and Locke Lord Bissell & Liddell is serving as legal counsel for the restructuring.

About New Vision Television

With corporate offices in Atlanta and Los Angeles, New Vision Television and its predecessor companies have owned and operated more than 30 television stations across the country since 1993. New Vision's current holdings include:

   Major Network Affiliates   --  KOIN Portland, OR (CBS)   --  KBNZ Bend, OR (CBS)   --  WIAT Birmingham, AL (CBS)   --  KHON Honolulu, HI (FOX)   --  Hawaii's CW 93 Honolulu, HI (CW)   --  KSNW Wichita, KS (NBC)   --  KTMJ Topeka, KS (FOX)   --  KSNT Topeka, KS (NBC)   --  WJCL Savannah, GA (ABC)   --  WTGS Savannah, GA (FOX)*   --  WKBN Youngstown, OH (CBS)   --  WYFX Youngstown, OH (FOX)   --  WYTV Youngstown, OH (ABC)*    --  KIMT Mason City, IA (CBS)    

* Stations not licensed to New Vision, but to which New Vision provides services under joint sales and shared services agreements.

   Additional non-affiliate stations   --  Untamed Sports TV Birmingham, AL   --  MyYTV Youngstown, OH    --  MyYTV Mason City, IA      Contact:  Lisa Cohen: 310-473-4069             lisacohen@newvisiontv.com  

First Call Analyst:
FCMN Contact:

Source: New Vision Television

CONTACT: Lisa Cohen of New Vision Television, +1-310-473-4069,
lisacohen@newvisiontv.com

Web Site: http://newvisiontv.com/

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Profile: International Entertainment