– Financial Restructuring Strengthens Balance Sheet and Positions LBI Media for Growth –
BURBANK, Calif.–(BUSINESS WIRE)–#HispanicMedia–LBI Media, Inc. (with its affiliates, “LBI” or the “Company”) today announced it has successfully completed its court-approved reorganization plan and emerged from the Chapter 11 process today, 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 $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 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.
Court documents and additional information are available on the website administered by the Company’s claims and noticing agent, Epiq Corporate Restructuring, at https://dm.epiq11.com/case/LBM or may be obtained by calling the LBI Media Restructuring Hotline at (818) 729-5300. The e-mail address is LBIMedia@epiqglobal.com.
About LBI Media, Inc.
LBI Media, Inc., is a leading vertically integrated, multi-platform, Spanish-language media company operating across all of the top U.S. Hispanic markets. Producing over 2,500 hours annually of original TV programming at the Empire Burbank Television Studios, the company is one of the largest U.S. producers of Spanish-language TV content. The company’s Estrella TV Network is distributed through owned and operated TV stations, TV network affiliates and related digital media properties. The Estrella TV programming catalog, consisting of over 7,500 hours of original Spanish-language television programming, is one of the largest libraries of content produced in the U.S. for the U.S. Hispanic marketplace. Additionally, LBI Media is one of the most prolific developers and producers of Spanish-language radio talent and programming. The company’s Don Cheto Radio Network features one of the nation’s most popular radio talents and its highly-rated radio programming formats are distributed through owned and operated radio stations, affiliated stations and related digital media properties. To learn more about LBI Media and see company updates, please visit www.lbimedia.com.
This release may contain forward-looking statements relating to future financial results, business expectations and business transactions. Statements that are not historical fact are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “estimates,” “assumes,” “may,” “should,” “could,” “shall,” “will,” “seeks,” “targets,” “future,” or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements. Such statements include, but are not limited to, statements relating to the potential transactions contemplated by the Chapter 11 bankruptcy filing and the Plan, descriptions of management’s strategy, plans, objectives, expectations, or intentions and descriptions of assumptions underlying any of the above matters and other statements that are not historical fact.
These forward-looking statements are based on the Company’s current beliefs, intentions and expectations and are not guarantees or indicative of future performance, nor should any conclusions be drawn or assumptions be made as to any potential outcome of any proposed transactions the Company considers. Risks and uncertainties relating to the proposed restructuring include: the success of the Plan and motions filed by the Company, the ability of the Company to successfully execute the transactions contemplated by the Plan without substantial disruption to its business; and the effects of disruption from the proposed restructuring making it more difficult to maintain business, financing and operational relationships, to retain key executives and to maintain various licenses and approvals necessary for the Company to conduct its business.
The above factors, risks and uncertainties are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond the Company’s control. New factors, risks and uncertainties emerge from time to time, and it is not possible for management to predict all such factors, risks and uncertainties. These forward-looking statements speak only as of the date such statements were made, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in underlying assumptions or otherwise.
LBI Media, Inc.
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