Spanish Broadcasting System reveals in its SEC filing that it retained the services of Lazard on January 21. Among the possibilities: refinancing its First Lien Credit Facility due in June 2012. Lazard is entitled to both fees and reimbursement for its expenses, under the terms of the Engagement letter.

Separately, SBS faces an April 11 deadline to restore its minimum stock trading price on the NASDAQ to $1 or higher. If not, it could lose its place on the NASDAQ Global Market. Spanish Broadcasting System received a de-listing letter last October 12, giving it a 180-day grace period. The "SBSA" stock opened this morning at 87 cents a share. Follow its trading pattern here.