London-based satellite operator Inmarsat, in a formal Stock Exchange notice, says it has noted the recent press speculation regarding the position of Avanti Communications. Inmarsat says that it was contacted by Avanti’s advisors following the Avanti “strategic review” (and profits warning) and formal sale process, and responded to that contact.
“Inmarsat confirms it has withdrawn from Avanti’s announced process and it is not considering an offer for the shares of Avanti,” said the statement.
However, Inmarsat declined to confirm whether it had also withdrawn from discussions on Avanti’s orbiting assets which include satellites and ground equipment, as well as orbital positions. The current debt obligations carried by Avanti might preclude those specific assets coming onto the open market unless the Bond holders sell them off in the event of Administration/Liquidation.