Court Approves LBI Media Reorganization Plan


Plan Approved

The latest reorganization plan offered by LBI MEDIA INC. has received approval from U.S. Bankruptcy Court.

The approval from the DELAWARE court for the Third Amended Plan of Reorganization on WEDNESDAY (4/17) clears the path for the broadcaster to emerge from bankruptcy after jettisoning about $530 million in debt, with private equity investor HPS INVESTMENT PARTNERS, the first lien lender, retaining a stake. 

LBI, the parent of LIBERMAN BROADCASTING and owner of several radio and television stations and the ESTRELLA TV network, filed for Chapter 11 bankruptcy in NOVEMBER.  The filing followed a lawsuit by second lien noteholders led by CASPIAN CAPITAL LP contesting a debt restructuring deal between LBI and HPS.

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