Jewelry Television® Wins 'Refinancing of the Year' Award
KNOXVILLE -- Jewelry Television® (JTV) took high honors Monday evening when CEO & President, Tim Matthews, accepted the "Refinancing of the Year" award at the prestigious 5th Annual Turnaround Awards Gala presented by The M&A Advisor in Palm Beach, Florida. JTV and its parent company, Multimedia Commerce Group, were selected from a pool of hundreds of nominated companies in the Major Deal Category ($100mm and above), and recognized for the successful refinancing efforts that have led to the company's turnaround.
Last year, JTV was successful in bringing to closure a complex series of transactions that included the closing of an equity infusion from Gems TV Holdings, and the long-term refinancing of bank debt. Collectively, these transactions achieved a significant degree of financial improvement to the company's balance sheet. Multimedia Commerce Group and JTV were also named finalists for the following additional awards within the Sector Deal Category: "Media, Entertainment, or Telecom," "Consumer and Retail Products," and "Retail Manufacturing and Distribution," as well as "Turnaround of the Year" in the Major Deal Category.
"I'm very proud of our collective efforts to turn this company around," noted Tim Matthews, CEO & President of JTV. "It has required patient diligence and sacrifice from employees at all levels. This award is a laurel representing the recent past and now we are totally focused on the future," said Matthews.
"This award is well-deserved and reflects the efforts of all the employees of Multimedia Commerce Group subsidiary, Jewelry Television®, the support and wise input from our banking group with Wachovia (now Wells Fargo) as agent, led by Pat McGovern, as well as NHB Advisors," remarked Thomas D. Hays, Founding Principal of NHB Advisors, Inc., and a Certified Turnaround Professional. "Far too many companies were lost during the Great Recession This team was successful in preserving and building equity and creditor interests as well as saving over 1,000 jobs by avoiding bankruptcy and executing difficult actions on a timely basis. The ground work has been laid for a very bright future," said Hays.
Published March 11, 2011, 1:55 p.m.
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