Panavision begins a recapitalization process

Panavision's senior creditors unanimously agreed to convert the majority of long-term debt into the company's common stock.

With this recapitalization, high-level creditors Panavision They unanimously agreed to convert the majority of the long-term debt into the company's common stock. This significant reduction in Panavision's debt improves its capital structure and will allow it to explore growth opportunities.

Kim Snyder, CEO and president of Panavision, recognizes that "this transaction is very positive news for the company and to provide Panavision with greater fiscal flexibility in the future. We now have a very healthy balance sheet, which allows us to accelerate our investment in equipment, technology and resources and focus more of our efforts on meeting the needs and expectations of our customers."

Panavision has recently expanded its reach in the industry with the acquisition of Light Iron, a provider of digital workflow solutions in post-production environments.

The recapitalization officially concluded on June 12, and Panavision's major shareholders have not changed.