Cherry Creek Radio Recapitalizes
July 22, 2014 at 4:36 AM (PT)
CHERRY CREEK RADIO is restructuring its operations and balance sheet with SANKATY ADVISORS LLC taking over the company's senior debt and recapitalizing the operation with a new term loan and preferred equity investment.
In the move, existing CHERRY CREEK management, including President and CEO JOE SCHWARTZ keeps a majority common equity ownership stake while SANKATY takes two seats on the CHERRY CREEK board.
Earlier this year, ARLINGTON CAPITAL PARTNERS exited its controlling interest in CHERRY CREEK RADIO LLC, leaving SCHWARTZ and KIRK WARSHAW as the sole voting members of CHERRY CREEK.