Cherry Creek Radio

Locke Lord served as legal counsel in the restructuring of Cherry Creek Radio, LLC, owner and operator of 60 leading radio stations in small and mid-sized markets in the western United States. Sankaty Advisors, LLC has purchased all of Cherry Creek’s existing senior indebtedness and will recapitalize the company with a new term loan and preferred equity investment. The recapitalization will allow Cherry Creek to improve its liquidity, significantly reduce debt, increase flexibility and further enhance its long-term competitive position. Sankaty will hold a majority common equity ownership stake in the recapitalized company. The restructuring is subject to FCC approval. The deal team for Locke Lord included Vita Zeltser and Buddy Sanders.
Posted July 23, 2014