WOODLAND HILLS, Calif. (June 26, 2015) - Panavision, the entertainment industry's most respected designer, manufacturer and provider of state-of-the-art cinema lenses and high-precision camera systems, today announced the recapitalization of the company.
With the recapitalization, 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."
Panavision has recently extended its industry reach into the post production realm with the acquisition of Light Iron, a leader in digital workflow solutions.
The recapitalization was a private transaction that was formally completed on June 12, 2015. Panavision's major shareholders have not changed, and the company's Board of Directors and executive leadership team led by Snyder remain committed to the long term growth and success of the company.
Panavision Inc. is a leading designer and manufacturer of high-precision camera systems, including both film and digital cameras, and lenses and accessories for the motion picture and television industries. Renowned for its world-wide service and support, Panavision systems are rented through its domestic and internationally owned and operated facilities and distributor network. Panavision also supplies lighting, grip and crane equipment for use by motion picture and television productions.
For more information, visit www.Panavision.com, or join the company on Instagram (panavisionofficial), Twitter (@Panavision), Facebook, LinkedIn, Vimeo, and YouTube.