Media Vision Technology Inc of Fremont, California, has had its convertible subordinated debentures lowered to CA from C-double A by Moody’s Investors Service Inc, after Media Vision filed for protection under Chapter 11 of the US bankruptcy code, affecting some $100m of debt. The extent of its slide into the mire has unfolded as Media Vision disclosed misstated inventory, product shipment delays and the resignation of its top three managers following an investigation for allegedly fraudulent practices. Media Vision recently saw the other shoe drop (CI No 2,468), as Standard & Poor’s Corp cut its rating to D, and it doesn’t get any lower.
