SBS Appoints Interim CFO Amid Financial Reporting Delays
| RADIO ONLINE | Monday, April 29, 2024 |
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 Spanish Broadcasting System (SBS) |
In a significant corporate reshuffle, Spanish Broadcasting System (SBS) appoints Frank Soricelli as the new interim Chief Financial Officer, effective April 25. At 66, Soricelli brings over three decades of expertise in finance and accounting to his new role, having been a part of the company since 1992.
The appointment comes at a crucial time as SBS faces delays in its financial reporting due to recent personnel changes in its finance and accounting departments, along with a switch in auditors. The company has indicated that it will not be able to furnish the annual financial report for the year ended December 31, 2023, to the trustee and holders of its 9.75% Senior Secured Notes due 2026 by the previously expected deadline of April 29.
SBS said it's actively working to resolve the delays and plans to provide the financial statements and auditor's opinion as promptly as possible. The delay and subsequent actions are being conducted under the terms stipulated by the Indenture agreement dated February 17, 2021, with Wilmington Trust, National Association serving as the trustee.
