Last week Australia-based Speedcast (in bankruptcy reconstruction) struck an agreement with Intelsat (in Chapter 11 bankruptcy) which will see Speedcast continue its relationship with Intelsat over the next 15 months and pay what it owes to Intelsat.
Speedcast owed Intelsat $45 million of old pre-bankruptcy invoices and will pay $24 million to cover obligations through June of this year.
Now London-based Inmarsat wants a similar deal and with outstanding invoices to Speedcast of almost $26 million. Inmarsat is the second-largest creditor for Speedcast.
Inmarsat filed a motion with Speedcast’s bankruptcy court and asking the court to order Speedcast to cough up $1.35 million in undisputed and outstanding invoices. The invoices have all been raised after Speedcast’s bankruptcy on April 23rd and cover 44 separate invoices.
Inmarsat says that Inmarsat is concerned about its own financial position and told the court that despite receiving some $90 million in ‘debtor in possession’ financial help the Speedcast bills are piling up rapidly. Inmarsat says that $2.74 million is owed and already past due for the second-half of July and at least $3.1 million for August.
The Inmarsat bills for Speedcast are varied in size ranging from a modest $75 from Inmarsat Canada to $703,698 due to Inmarsat Cyprus.