U.S. HISPANIC
LBI Media successful completes the reorganization plan
Maribel Ramos-Weiner| 15 de octubre de 2019
Peter Markham LBI
LBI Media, Inc. announced it has successfully completed its court-approved reorganization plan and emerged from the chapter 11 process this Tuesday, October 15th, positioned for long-term growth and success.
With support from its creditors, including HPS Investment Partners, LLC on behalf of the investment funds and accounts it manages or advises, who sponsored the plan of reorganization, the Company has eliminated more than US$350 million of debt from its balance sheet and made significant recoveries available to its trade and general unsecured creditors.
“LBI Media has a terrific group of assets with exceptional potential. Completion of LBI’s financial restructuring provides a strong financial foundation and significant flexibility to grow the business,” said Peter Markham, the Company’s newly-appointed Chief Executive Officer. “The ownership team is committed to the long-term success of LBI Media and the continued expansion of its platform targeted to the growing U.S. Hispanic market.”
“I would like to thank José and Lenard Liberman, pioneers in Hispanic broadcasting, for their vision and leadership during the past 30 years and our talented and committed employees who ensured our operations continued as usual during the restructuring process. We move forward well positioned for the future and with the resources to pursue new opportunities.”
Weil, Gotshal & Manges LLP served as legal counsel, Guggenheim Securities served as an investment banker, and Alvarez & Marsal served as financial advisor in connection with LBI’s financial restructuring, and Wiley Rein LLP served as regulatory counsel to LBI Media.
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