Radio Station Owner Spanish Broadcasting Files 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 Miami-based 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. At the time it filed for bankruptcy, more than 90% of the holders of the company’s $310 million notes backed the plan, company Chief Restructuring Officer Jesse York said in a court filing.