Oregon Public Broadcasting

The owner of two large Oregon TV stations entered chapter 11 bankruptcy proceedings Tuesday. Kristian Foden-Vencil reports.

Los Angeles-based New Vision Television, owns KOIN 6 in Portland and KBNZ in Bend.

The company issued a statement saying it debtors have agreed to reorganize its $400 million in debt.

The company says it’s also raised an additional $30 million from new investors.

New Vision owns 18 stations across the nation. Its CEO, Jason Elkin, says the bankruptcy is only expected to take a few months and daily business will not be affected.

He says employees need not worry about jobs or benefits.

Indeed, KOIN 6 in Portland is hiring 10 people to launch a new one-hour weekday program.