Pioneering Spanish-language broadcaster LBI Media Inc. said Wednesday it is exiting bankruptcy under a chapter 11 reorganization plan that was confirmed by a bankruptcy judge in April, WSJ Pro Bankruptcy reported. An operator of a string of television and radio stations and other media properties, LBI filed for chapter 11 protection in November 2018 with debt of more than $500 million. The company blamed challenging market conditions for its financial struggles. LBI said in a news release on Tuesday that bankruptcy had wiped more than $350 million in debt from its balance sheet. Even though it had the green light from the bankruptcy court, LBI had to wait for months to line up regulatory approvals before implementing the chapter 11 plan, court papers said.
