Explore the latest developments concerning Spanish Broadcasting System.
SBS Readies A Chapter 11 Bankruptcy Filing
Spanish Broadcasting System — the company founded in 1983 by Raúl Alarcón Jr. — has moved forward with a restructuring support agreement that sees it intend “to commence voluntary Chapter 11 cases” under U.S. bankruptcy code in a Delaware court.
According to documents posted to the SBS corporate website late Wednesday (4/8), the voluntary Chapter 11 filing will not impact operations, as Miami-headquartered SBS intends to continue employee wages and benefits while making “critical vendor payments.”
Importantly, SBS says it has received commitments from its “supporting investors” to provide debtor-in-possession financing that includes back-stop commitments and provide the company with liquidity during a forthcoming restructuring process.
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