Global Eagle exits Chapter 11
March 26, 2021
By Chris Forrester
In-Flight Communications specialist Global Eagle Entertainment (GEE) has exited its Chapter 11 bankruptcy reconstruction.
The end result is that six of its former lenders now have control over the business although the company has seen $487.5 million of debt and borrowings removed from its obligations. The new owners have also injected $218 million into the restructured company.
“Today marks the beginning of an exciting new chapter for Global Eagle,” Global Eagle CEO Joshua Marks said. “Having successfully completed our sale and restructuring process, and now focused fully on mobility, the Company benefits from a stronger balance sheet, enhanced liquidity and blue-chip backing from new owners.
The new owners include Apollo Global Management, Eaton Vance Management, Arbour Lane Capital, Mudrick Capital, Sound Point Capital, Carlyle Group and BlackRock Financial.
As part of the reconstruction, GEE confirmed it had sold its legacy non-governmental division and its African land business to Markink.