Spanish Broadcasting System Enters Forbearance Agreement with Bondholders

Company works to address notes maturity and strengthen capital structure

Mar. 14, 2026 at 4:58am

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Spanish Broadcasting System, Inc. has entered into a forbearance agreement with holders representing a majority of its 9.750% Senior Secured Notes due 2026, which matured on March 1, 2026. The company is engaged in constructive discussions with these bondholders to find a consensual solution to address the notes maturity and strengthen its capital structure.

Why it matters

The agreement provides Spanish Broadcasting System with a 30-day window to continue negotiations with its major bondholders as it works to resolve the maturity of its senior secured notes and stabilize its financial position. This is an important step for the company as it seeks to maintain operations and relationships with audiences, customers, vendors and partners.

The details

Under the forbearance agreement, the participating bondholders have agreed to temporarily refrain from exercising certain rights and remedies arising from the notes' maturity. This allows the company to keep operating while it works toward a consensual transaction with the bondholders. However, there is no guarantee that such a transaction will be agreed to or completed.

  • The 9.750% Senior Secured Notes due 2026 matured on March 1, 2026.
  • Spanish Broadcasting System entered the forbearance agreement on March 13, 2026.

The players

Spanish Broadcasting System, Inc.

A media company that owns and operates radio stations in major U.S. Hispanic markets and also operates a national radio network and a television network.

Majority Bondholders

Holders representing a majority of the outstanding principal amount of Spanish Broadcasting System's 9.750% Senior Secured Notes due 2026.

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What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This agreement provides Spanish Broadcasting System with crucial time to negotiate a solution with its major bondholders, highlighting the company's efforts to address its financial challenges and maintain operations amid the notes' maturity.