International satellite communications specialist Speedcast has emerged from its Chapter 11 bankruptcy restructuring.
The Australian-headquartered business, in a statement, said: “[Speedcast] has emerged from the Chapter 11 process under new ownership with no secured debt and a healthy cash balance. Speedcast successfully completed the comprehensive restructuring on March 11th after receiving a $500 million equity investment from US-based private equity firm Centerbridge.”
“Having spent the last year taking steps to reduce its cost structure and strengthen its operations, the company will now move forward as a stable, more efficient and customer-centric supplier of critical communications services to the maritime, energy, mining, media, telecom, cruise, NGO, government, and enterprise sectors in over 140 countries worldwide,” the statement added.
Speedcast serves more than 3,200 customers in over 140 countries.
“We look forward to supporting Speedcast’s management team in building upon the company’s strong foundation to realise the growth opportunities that exist as they move forward,” said Jared Hendricks, Senior Managing Director, Centerbridge. “We are excited to work together to help Speedcast further strengthen its service offerings to ensure the company is poised to thrive.”