Fremont, California-based Media Vision Technology Inc reports that its unsecured creditor’s committee has agreed to support the terms of the reorganisation plan the company intends to file within a week: the company believes it can emerge from Chapter 11 protection with almost all of its debt removed by the end of 1994 – the plan provides for the conversion of about $200m of claims of the company’s bondholders, unsecured creditors and bank debt, into new common of the reorganised company; the current shareholders are completely out in the cold and will not retain or receive any distribution under the plan, and will have no rights or claims to the company.
