Panavision got a new lease on life this month, as creditors agreed to convert most of the company's long-term debt into common stock.
The company said the recapitalization represented a "major reduction" in its debt that would give it the necessary access to capital to fund future growth. There has been no change in leadership or the company's major shareholders, Panavision said.
"This transaction is very positive news for the company and gives Panavision more fiscal flexibility for the future," said Panavision CEO and President Kim Snyder in a prepared statement. "We now have a very healthy balance sheet, allowing us to accelerate our investment in equipment, technology and resources and further focus our efforts on meeting the needs and expectations of our customers."
Panavision said its senior lenders had agreed unanimously to support the debt conversion in a private transaction that closed on June 12.
Late last year, Panavision bought post-production company Light Iron, making its popular Outpost Mobile on-set production workflow systems available through Panavision rental facilities.
