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July 27, 1994

MEDIA VISION FILES CHAPTER 11 AFTER ITS BANKERS CALL IN LOANS

By CBR Staff Writer

Media Vision Technology Inc, the Fremont, California sound board maker that got its inventories in such a twist, has filed for Chapter 11 bankruptcy protection from its creditors after failing to complete an agreement with its creditors to reorganise the company. Its bankers, First National Bank of Boston and Comerica Bank refused to agree to a proposal for voluntary reorganisation agreed by holders of 90% of its obligations. The company expects to file restatements that show a net loss of $80m to $90m in 1993 and a loss of $60m to $75m in the first quarter of 1994; the loss for the second quarter should be somewhat less.

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