Capabilities

Debt-for-equity restructuring

NexBank

Our attorneys 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. The firm 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.

Our legal 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. Our attorneys will continue to represent AR Broadcasting on a go-forward basis.

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