Kaye Scholer Advises NexBank in AR Broadcasting’s Debt-for-Equity Restructuring

February 17, 2012

Kaye Scholer represented NexBank, SSB, as agent to the senior secured lenders to radio station operator AR Broadcasting, LLC, with respect to AR Broadcasting’s debt-for-equity restructuring. AR Broadcasting is the owner of radio stations in Houston, Texas and Kansas City, Missouri. Kaye Scholer worked with the agent and an ad hoc steering committee of lenders to engage Cumulus Media Partners, LLC, AR Broadcasting’s parent, in restructuring negotiations, which ultimately led to a transfer of ownership of AR Broadcasting to its lenders through a prepackaged chapter 11 bankruptcy in the District of Delaware.

The Kaye Scholer team advised the agent and steering committee on all aspects of the restructuring, including the bankruptcy, debt, equity, employment, and tax issues that arose. These efforts resulted in confirmation of a bankruptcy plan of reorganization that transferred ownership of the stations to the lenders within 35 days of AR Broadcasting’s bankruptcy filing. Kaye Scholer will continue to represent AR Broadcasting on a go-forward basis.

The Kaye Scholer team consisted of Steve Koval, Michael Messersmith, Laurie Abramowitz, Jeff London, David Menchel, Jeff Misher, David Sausen, Uday Gorrepati, Javier Stark, Brian Witkowski, and Paul Mignano.

Email Disclaimer