LBI Media Announces Completion of Reorganization Plan

RADIO ONLINE | Tuesday, October 15, 2019 | 4:24pm CT

LBI Media

LBI Media Inc. has completed its court-approved reorganization plan and emerged from the Chapter 11 process on Tuesday. With support from its creditors, including HPS Investment Partners who sponsored the plan of reorganization, the company has eliminated more than $350 million of debt from its balance sheet and made significant recoveries available to its trade and general unsecured creditors.

Concurrently, Peter Markham is appointed Chief Executive Officer. He'll also serve on the company's board of directors and was previously interim CEO. The company also named Brian Kei to Chief Operating Officer. He'll continue to serve as the company's Chief Financial Officer.

Markham brings more than 20 years of media experience to LBI Media, with a strong background in strategy, operations and business development. Previously, he was CEO and Chairman of Granite Broadcasting and Chairman of Communications Corporation of America where he led the operational and financial revitalization of the U.S.-based television broadcasting companies.

Kei is an experienced executive with an extensive background in the network television, broadcast station, digital media, advertising and production industries. During his career he has overseen all financial functions including strategy, accounting, treasury and tax, and has led strategy and growth initiatives across a number of businesses. He'd served as CFO of LBI Media since 2018 and was previously Vice President of Finance & Strategy at Disney ABC Television Group.

"LBI Media has a terrific group of assets with exceptional potential. Completion of LBI's financial restructuring provides a strong financial foundation and significant flexibility to grow the business," said Markham. "The ownership team is committed to the long-term success of LBI Media and the continued expansion of its platform targeted to the growing U.S. Hispanic market."

He added, "I would like to thank Jose and Lenard Liberman, pioneers in Hispanic broadcasting, for their vision and leadership during the past 30 years and our talented and committed employees who ensured our operations continued as usual during the restructuring process. We move forward well positioned for the future and with the resources to pursue new opportunities."

Weil, Gotshal & Manges LLP served as legal counsel, Guggenheim Securities served as investment banker, and Alvarez & Marsal served as financial advisor in connection with LBI's financial restructuring, and Wiley Rein LLP served as regulatory counsel to LBI Media.