Panavision announced Friday that the company’s senior lenders unanimously agreed to the recapitalization of the company, essentially converting their long-term debt into common stock in Panavision. 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.”
Panavision recently expanded into postproduction with the acquisition of Light Iron.