A radio broadcasting company serving prime Hispanic markets, such as Miami, Chicago, Puerto Rico, and others, has sought Chapter 11 protection. The filing follows the company’s inability to repay approximately $310 million in senior secured notes that matured on March 1, 2026.
Case filings show that Spanish Broadcasting System, Inc. has secured support of bondholders through a Restructuring Support Agreement (RSA). The agreement involves them holding more than 72% of its unpaid debt.
The filing is tied to a prepackaged restructuring framework, which intends to curb debt and stabilize finances.
Spanish Broadcasting System, Inc. Files for Chapter 11
According to recent filings, the company voluntarily submitted for bankruptcy on May 11, 2026. The case is being handled in the U.S. Bankruptcy Court for the District of Delaware, with details available on PACER.
The official website states that the broadcasting company currently serves more than 60 million people. This population represents roughly $4 trillion of the U.S. Hispanic market. Popular for its Spanish-language radio stations and personalities, it has been active since its inception in 1983. It was later incorporated in the State of Delaware in 1994.
Filing details add that around 52 affiliated entities, including Spanish Broadcasting System, Inc. as the parent company, have their pending Chapter 11 cases before the court. Some of the affiliates are Aire Radio Network, LLC, Broadspan Music Holdings, LLC, JuJu Media, Inc, and Spanish Broadcasting System Finance Corporation.
What Has Led to the Filing
The Chapter 11 filing follows months of financial restructuring efforts at Spanish Broadcasting System, Inc. Last month, the company announced a Restructuring Support Agreement (RSA) with a supermajority of its bondholders after missing the repayment deadline on around $310 million in senior secured notes that matured on March 1, 2026.
According to a company press release shared on April 8, 2026, the company later negotiated with major bondholders, including Brigade Capital Management, subsidiaries of Man Group, and Bayside Capital / HIG affiliates. On April 3, 2026, these investors agreed to sign an RSA that covered over 72% of its outstanding debt.
The terms of the RSA stated that the existing common and preferred stock in the broadcasting company would be eliminated through the restructuring process. Bondholders would instead receive ownership of the reorganized company, while management could receive separate equity incentives under a new compensation plan.
Prior to this, in March 2026, the investors had entered into a forbearance agreement with Spanish Broadcasting System, Inc.
Company Proposes a Prepackaged Restructuring Plan
The latest case filings show that Spanish Broadcasting System, Inc. has submitted a prepackaged restructuring plan to the court. Based on it, the company has requested debtor-in-possession (DIP) financing, which is typically offered as a ‘lifeline loan’ to companies facing Chapter 11.
The amount listed in the petition is $30,000,000, which is being offered by Brigade Agency Services LLC (acting as administrative agent) and other lenders. Filing details add that this is a ‘senior’ loan, which means that these lenders are the first ones who will be paid back, before other creditors.
Additional Highlights from the Petition
As of now, the company has between 1,000 and 5,000 creditors in total. Out of these, Spanish Broadcasting System, Inc. submited a consolidated list of the 30 largest unsecured creditors in its petition. Some of these are SoundExchange Inc., Broadcast Music Inc, Nielsen Audio Inc, and Katz Media Group.
The company also submitted a consolidated corporate ownership statement that covered its affiliates.
With these steps, the court rulings would be based on joint administration of their cases, thereby completing the bankruptcy in a quicker and cost effective manner.
Case filings state that attorney Robert J. Dehney of Morris, Nichols, Arsht & Tunnell is the legal counsel in the case. Fried, Frank, Harris, Shriver & Jacobson LLP is also representing the company.
Riveron Management Services, LLC is the restructuring financial advisor. The filing details add that GLC Advisors & Co., LLC is the restructuring investment banker.
Other details of the Chapter 11 petition are summarized here:
- Filing Date: May 11, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Delaware
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-10708
- Estimated Assets: Between $100,000,001-$500 million
- Estimated Liabilities: Between $100,000,001-$500 million
- Estimated Creditors: Between 1,000 and 5,000
- Reason for Filing: Restructure business under court supervision
While the company is set to reorganize its finances, operations are going to stay unaffected for customers, audiences, and employees. The relationship between Spanish Broadcasting System, Inc. and its partners and vendors would also continue as normal.
