RAPAPORT... Jewelry Television (JTV) was recognized for its successful turnaround efforts at the 5th Annual Turnaround Awards Gala presented by The M&A Advisor. JTV took top recognition for the "Major Deal Category" which included firms that refinanced at $100 million or more.
JTV was successful in bringing 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 to a close. Collectively, these transactions achieved a significant degree of financial improvement to the company's balance sheet, according to JTV. Its parent company Multimedia Commerce Group and JTV were also named finalists for the 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.
JTV president Tim Matthews stated, "I'm very proud of our collective efforts to turn this company around. 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."
Thomas D. Hays, founding principal of turnaround firm NHB Advisors, added, "Far too many companies were lost during the Great Recession. [JTV] 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."