Radio Station Owner Spanish Broadcasting Files for Bankruptcy

Radio station owner Spanish Broadcasting System Inc. filed for bankruptcy on Monday after announcing plans to hand ownership to noteholders in exchange for restructuring the debt.

The company, which caters to the US Hispanic population, signed a deal with Brigade Capital Management, Man Group and an affiliate of HIG Capital in early April, SBS said in a statement. Those bondholders hold 72% of the company’s $310 million notes at the time.