KNOXVILLE, Tenn., March 10, 2011 /PRNewswire/ -- 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.
The M&A Advisor was founded in 1998 to offer insights and intelligence on middle market activities. Now it its 5th year, the Turnaround Awards bring together the world's largest and influential dealmakers and companies for an exclusive symposium and to honor the accomplishments of top turnaround professionals and the companies they represent.
About Jewelry Television® and Multimedia Commerce Group
Jewelry Television® (JTV) is a wholly-owned subsidiary of Multimedia Commerce Group, Inc., and the only broadcast shopping network that focuses exclusively on the sale of fine jewelry and gemstones. The privately-held company was founded in 1993 and broadcasts high definition programming 24 hours a day, 7 days a week, to over 80 million unique households in the U.S. Jewelry Television® was recently ranked the 14th largest retailer of fine jewelry in the U.S. by National Jeweler. JTV.com is the fourth largest jewelry destination on the internet according to Internet Retailer's Top 500 Guide for 2009. For more information, visit JTV.com.
About NHB Advisors, Inc.
NHB Advisors, Inc. (NHB) provides leadership for under-performing and troubled companies. In addition to the firm's widely recognized turnaround practice, NHB is committed to helping businesses maximize their value for owners, investors, creditors and employees. NHB has been named one of the Outstanding Turnaround Firms in the country for the last 16 years by Turnaround & Workouts. Thomas D. Hays, III, Founding Principal of NHB, is former Chairman of the International Turnaround Management Association and has been named an Honorary Inductee in "The Turnaround Management, Restructuring and Distressed Investing Industry" Hall of Fame.
SOURCE Jewelry Television