Spanish Broadcasting System pursues prepackaged debt restructuring, hands ownership to creditors

Spanish Broadcasting System has filed for Chapter 11 bankruptcy protection as part of a prepackaged restructuring agreement designed to cut debt and hand ownership of the Hispanic media company to its largest creditors.

The Miami-based broadcaster, one of the nation’s largest Spanish-language radio operators, filed the case Monday in U.S. Bankruptcy Court in Delaware after previously warning investors that it could not repay roughly $310 million in senior secured notes that matured March 1.

Click here to read more.