Sinclair / Diamond Sports
In March 2022 raised $635 million of superpriority first-lien loans and exchanged over $6 billion of first-lien debt into second-lien debt, leaving non-participants third-lien. In the later chapter 11, junior recoveries became minimal for all.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.91, 23.103–23.108, 23.112, 23.158.