Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Tuesday, May 12. In today's briefing, a trustee for YesCare’s former affiliate is moving to transfer the prison healthcare provider's Florida chapter 11 case to Texas, alleging the filing is a "shell game" designed to shield the company from hundreds of millions of dollars in claims. And Spanish Broadcasting System filed for bankruptcy with a prepackaged plan to hand control to noteholders, as it navigates a decline in traditional radio audiences and political ad spending.

A trustee for bankrupt YesCare’s former affiliate is seeking to move the prison healthcare provider’s newly filed chapter 11 case to Texas, alleging the Florida filing is a repeat effort to shield the company from hundreds of millions of dollars in medical-malpractice claims.

During a court hearing in the U.S. Bankruptcy Court in Fort Myers, Fla., on Monday, a representative for Tehum Care Services’ unsecured creditors said that YesCare’s new bankruptcy is the continuation of a strategy to evade creditors, including injury claimants allegedly owed hundreds of millions of dollars.

“This is just the same shell game that these entities and the owners of these entities continue to play over and over again,” Nicholas Zluticky, a lawyer representing the trustee for the creditors, said before Judge Luis Rivera.

The first call came to Bob Allen’s phone at 6 p.m. ET on a Friday. The message: Get the repo men ready.

Spirit Airlines was still in operation and planes were in the air. But the aircraft leasing firms that own dozens of its bright yellow jets were getting anxious as Spirit barreled toward liquidation. They wanted their planes back. “I had six hours to find 20 pilots,” Allen said. 

Nomadic Aviation Group, his company, had been standing by for months as Spirit teetered closer to the brink. Allen and co-founder Steve Giordano quickly assembled a roster of pilots, most of whom had worked for Spirit. They made a WhatsApp group, which swelled to 40 pilots. One had just landed.

Spanish Broadcasting System has filed for bankruptcy with a plan to hand control to noteholders as the radio and television broadcaster struggles with changing consumer habits and declining political spending in Florida.

The Miami-based company entered chapter 11 on Monday in Wilmington, Del., with a proposed plan backed by creditors including Brigade Capital Management and Bardin Hill. The plan would reduce the secured bonds to $70 million from $310 million, while existing noteholders will get most of the company’s equity. 

Founded in 1983, Spanish Broadcasting System operates radio stations in major U.S. Hispanic markets and owns the Mega TV network and digital properties. It derives most of its revenues from radio advertising.

Chief Restructuring Officer Jesse York said in a court declaration that on-demand streaming and podcasting have pulled audiences away from traditional radio. He also cited reduced political advertising spending as elections in key markets, including New York, Florida and California have become less competitive.

 –-Becky Yerak

BuzzFeed said media mogul Byron Allen has agreed to pay $120 million for a majority stake in the digital media company.

Allen, whose company Allen Media Group owns The Weather Channel and more than 30 network affiliate broadcast channels, plans to acquire 40 million shares for $3 apiece, BuzzFeed said Monday.

Upon closing, Allen's affiliate Allen Family Digital will own 52% of BuzzFeed's outstanding shares. The deal will be funded with $20 million in cash and a $100 million promissory note due five years from closing, which will accrue 5% in annual interest.

Antares Capital has closed on $8.5 billion for its third senior loan fund strategy, exceeding an initial target of $6 billion.

The fund, Antares Senior Loan Fund III, raised $4.5 billion in investor commitments including $220 million in employee commitments. The remaining capital came from leverage.

The fund’s institutional backers include family offices, asset managers, insurance companies and other global institutions like the San Diego City Employees’ Retirement System and the Employees’ Retirement System of Rhode Island.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alicia McElhaney; Becky Yerak. 

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