Eleven funds that invested in Spanish Broadcasting System Inc. (SBS) have sued the company for alleged contract and corporate duty breaches.
Law 360 reports the suit, filed in Delaware Chancery Court, seeks “redemption of $161 million in preferred stock and a bar on company debt additions.”
The lawsuit comes about six months since SBS entered into a forbearance agreement with separate holders of 12.5% interest senior notes issued by company, after defaulting on principal payments.
According to Law 360, the complaint states SBS accumulated a multiyear string of preferred-stock agreement violations, failed to pay dividends since 2009 and did not honor stock repurchase rights triggered in 2013.
SBS did not respond to a request for comment.
Alarcon, broder, hasta cuando crees que te iba a durar la ordeñada esa?