Broadcasting Company Files Chapter 11

A national broadcasting company has reportedly filed for bankruptcy chapter 11 in an effort to stay afloat of its estimated $410 million in debt.

New Vision Television filed the necessary paperwork late on Monday and has said it plans to transfer most of its equity in a "restructured company to a syndicate of financial institutions that hold $270 million of secured debt," Reuters reports.

In addition to that, New Vision plans to transfer a small stake of its post-bankruptcy equity to institutions that hold 495 million in second-lien debt, according to the article.

"This agreement is powerful news for New Vision's employees, advertisers and business partners," said Jason Elkin, CEO of New Vision. "Our daily business operations will not miss a beat: Jobs and benefits for our employees will be intact; advertisers will continue to receive top customer service; and our stations will continue to invest in best-in-class local news coverage and other programming."

The company also reported that it has secured approximately $30 million in new financing which will reportedly provide additional liquidity to fund continued operations and growth.