Inmarsat gets some Speedcast cash
July 20, 2020
By Chris Forrester
Barely 48 hours after demanding that Australia-based satellite services company Speedcast (in bankruptcy) pay up its debts, Inmarsat relaxed its demand.
London-based Inmarsat had 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 23 and covered 44 separate invoices.
By the end of last week Inmarsat withdrew its claim on Speedcast and told the bankruptcy court that it had received payments from Speedcast covering most of the overdue cash although reserved the right to reopen its claim should other amounts become due.
Inmarsat says Speedcast had incurred costs of $2.74 million for the current half of July, and at an amount of at least $3.1 million likely to be due for August.