Avanti Communications, the troubled London-based specialist satellite operator, received shareholder approval for its restructuring (‘debt for equity’) plan at a special meeting on April 25th.
It means that almost 2 billion new shares will be admitted for trading on London’s Alternative Investment Market today (April 26th). However, the restructuring still leaves the company urgently looking for extra cash ($50m) to help bridge a financing gap. The company warned on April 8th that it faced being forced into Administration if it failed to secure this extra funding before the end of June.
Its latest satellite, Hylas-4, reach its geostationary orbital position last week.