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Tuesday, Aug 16, 2022
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LBI Media Restructures Debt

LBI Media Holdings Inc., the parent company of Spanish-language station KRCA-TV (Channel 62) in Burbank, announced plans to refinance its debt based on private exchanges approved by note holders. The company may exchange all of its outstanding 11 percent senior notes due 2013 for new 11 percent senior notes due in 2017. The outstanding debt is approximately $15.2 million. The company also may exchange all of its outstanding 8.5 percent senior notes due 2017 for new notes with interest rates between 11.5 to 13.5 percent, due 2020. The outstanding debt is approximately $229 million. The company anticipates making the debt swaps on December 31, according to a company statement. In addition to KRCA, the company, formerly called Liberman Broadcasting, owns five TV stations in other U.S. markets. It also owns six Spanish-language radio stations in Los Angeles, plus six in Houston and five in Dallas. The company is privately owned but files reports with the Securities and Exchange Commission because its debt is publicly traded. In its most recent quarterly filing, the company reported a loss of $13.9 million on revenue of $32 million. Interest payments during the quarter totaled $12 million.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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