As RBR+TVBR has been reporting exclusively, Brigade Capital Management‘s Cayman Islands-based leveraged capital structures fund has sold off all of its shares in Urban One.
This has resulted in wild gyrations in trading for the media company’s Class A and Class D shares, with a $12 after-hours price seen as of Wednesday’s 4:40pm ET editorial deadlines.
Until now, the reason for Brigade’s sale was not publicly known. Urban One just changed that.