Spanish Broadcasting System to file Chapter 11 Bankruptcy

[Y2kTheNewOldies]

SBS To File For Chapter 11 Bankruptcy As Part Of Planned Debt Restructuring

Spanish Broadcasting System has agreed to a prepackaged Chapter 11 bankruptcy as part of a Restructuring Support Agreement with funds

radioinsight.com

We seen this with other radio outlets when they were in a similar situation. This is a part of a debt restructuring in this update.

Spanish Broadcasting System has agreed to a prepackaged Chapter 11 bankruptcy as part of a Restructuring Support Agreement with funds and accounts managed by Brigade Capital Management LP, subsidiaries of Man Group plc, and Bayside Capital LLC.

The three funds hold in excess of 72% of the outstanding principal amount of its 9.750% Senior Secured Notes due 2026. The holders will receive 100% of the common stock in the reorganized company subject to issuances of equity to Company management pursuant to a new management incentive plan, and new secured notes issued by the reorganized company.

 

[davideduardo]

Further information is at the Radio Ink website, Spanish Broadcasting System To File For Chapter 11 Bankruptcy - Radio Ink

The stigma of Chapter 13 is somehow vastly less now than in the past. But the fact is that the "owners" suddenly lose all or much of their equity... and sometimes, as in the case of Audacy, the jobs of the executives.