Spanish Broadcasting System Moves Toward Chapter 11

April 3, 2026 – Restructuring Support Agreement

The Hispanic‑focused broadcaster entered a Restructuring Support Agreement with funds managed by Brigade Capital, subsidiaries of Man Group, and Bayside Capital. The agreement, signed with holders of more than 72 % of its 9.75 % senior secured notes due 2026, paves the way for a voluntary Chapter 11 filing in the U.S. Bankruptcy Court for the District of Delaware.

Pre‑packaged bankruptcy plan

Under the plan, SBS will file a “pre‑packaged” Chapter 11 petition that has already secured creditor support. The restructuring is projected to cut total debt, lower interest expense and extend note maturities by over four years, freeing cash for investment in local programming, on‑air talent, broadcast infrastructure and the LaMúsica digital platform.

Strategic context

The move follows a 2025 sale of the company’s Puerto Rico television assets to Christian Media Group, signaling a broader effort to streamline operations and focus on core radio and digital assets.

Outlook

If approved, the filing would give SBS a reorganized balance sheet while preserving its network of Spanish‑language stations across the United States.