Leading Radio Station Operator Commences Chapter 11 Balance Sheet Restructuring

On May 11, 2026, Miami-based Spanish-language radio station operator Spanish Broadcasting System Inc. (SBS) filed a prepackaged chapter 11 case in Delaware to implement a comprehensive balance sheet restructuring. Morris Nichols serves as co-lead counsel to SBS, along with Fried, Frank, Harris, Shriver & Jacobson LLP. 

SBS’s balance sheet restructuring is supported by over 90% of the company’s noteholders and is intended to strengthen the company’s financial position and reduce its debt. The restructuring is expected to be approved next month and will see SBS’s funded debt reduced by over 75%, from $310 million to $70 million. All other creditors are expected to be unimpaired.

Morris Nichols attorneys Robert Dehney Sr., Matthew Harvey, Daniel Butz, Casey Sawyer, and Alexis Sullivan represent Spanish Broadcasting System Inc. In addition to Morris Nichols and Fried Frank, SBS is also advised by Riveron Management Services, LLC, as financial advisor, and GLC Advisors & Co, LLC, as investment banker.