 On March 30, Univision filed a motion in U.S. Bankruptcy Court to seek Chapter 11 creditor protection and financial reorganization unless it could convince its bondholders to accept an increased offer by Hallmark Cards Inc., in which they would receive $131 million for a face value of $270 million in securities on a blended basis, following an initial bid that was widely turned down by the bondholders.The holders of two different series of Univision Holdings' debt accepted the bid and tendered their securities by April 13, preventing the bankruptcy protection proceedings, with Hallmark's offer to purchase the debt securities being completed by April 25.On April 8, 1992, Hallmark sold Univision to a group that included Los Angeles-based investor A. Jerrold Perenchio (a former partner in Norman Lear's Embassy Communications, who was outbid by the Hallmark-led consortium for the network in 1987), Emilio Azcárraga Milmo, and brothers Ricardo and Gustavo Cisneros (co-owners of Venezuelan broadcaster Venevision) for $550 million, in order to refocus its television operation efforts on cable provider Cencom Cable Associates, which it acquired the previous year for about $500 million.