The Sinclair-affiliated RSN owner disclosed its plans Tuesday evening.
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The company says its RSNs will continue to operate during the proceedings and that it has $425 million in cash on hand. The company is “finalizing a Restructuring Support Agreement with holders of a majority of the Company’s debt and Sinclair Broadcast Group, Inc. to eliminate over $8 billion of the Company’s outstanding debt,” it added.
“The DSG Board of Managers has been evaluating strategic opportunities with the support of its advisors and in coordination with creditors to position the Company for long-term success and has determined that the best path forward for the Company and its stakeholders is to restructure through a Chapter 11 process,” DSG CEO David Preschlack said in a statement. “DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love.
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