June 29, 2015
By Nur Zalikha Khamis
California, USA – Panavision, the entertainment industry’s most respected designer, manufacturer and provider of state-of-the-art cinema lenses and high-precision camera systems, has announced the recapitalisation of the company.
With the recapitalisation, Panavision’s senior lenders unanimously agreed to convert a majority of the company’s long term debt into common stock of the company. This major reduction in Panavision’s debt enhances its capital structure and enables the company to explore growth opportunities.
“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. “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.”