Spanish Broadcasting System Files Bankruptcy to Restructure $310 Million Debt

1 articles · Updated · Bloomberg · May 11

Spanish Broadcasting System filed for bankruptcy Monday after agreeing to hand ownership to noteholders as part of a debt restructuring.
The deal, signed in early April, would transfer control to Brigade Capital Management, Man Group and an affiliate of HIG Capital.
Those bondholders held 72% of SBS's $310 million in notes at the time, giving the restructuring backing from a large majority of creditors.
SBS, a radio broadcaster serving the U.S. Hispanic population, is using the court process to carry out the ownership change and reduce its debt load.

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