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Allen Media has engaged both Latham & Watkins and Kirkland & Ellis to explore options ahead of an upcoming debt maturity, according to 9fin sources.

Meanwhile, certain term loan lenders left out of a cooperation agreement signed by various creditor groups are considering unifying themselves to fend off potential liability management exercises, sources said. Paul Weiss is advising a group of unsecured bondholders, while Ducera Partners and Gibson Dunn are representing a group of secured lenders.

The Byron Allen controlled television network company has been contending with cash flow pressures and a high debt burden. It is also up against a $100m revolver due February 2025, which was fully drawn as of 31 March, according to a Moody’s note published in June.

Moody’s expects Allen Media to generate $50m to $100m of cash flow this year due aided by revenue generated from advertising by presidential campaigns. The company could use the proceeds to buy back its deeply discounted unsecured notes, or pursue a potential exchange to extend its debt wall, according to Moody’s, which downgraded to Caa1.

Quotes on the senior notes due 2028 are at 42.55 cents, while the term loan due 2027 is at 64 cents. As Bloomberg reported, the company has additionally planned cost cuts as its maturities draw closer.

Representatives at Allen Media, Latham, K&E, and Paul Weiss did not respond to requests for comment.

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