Australia-headquartered speciality satellite services business Speedcast formally exited its Chapter 11 bankruptcy last week, helped by a significant injection of cash by new private equity owners Centrebridge Partners. It filed for bankruptcy in April 2020 with some $689 million (€579m) in debt. Speedcast says it is now well-placed for its restructured future. Centrebridge invested some […]
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 […]
Australia-based speciality satellite connectivity business Speedcast is ready to exit its Chapter 11 bankruptcy. The actual exit will be in mid-March. The bankruptcy was taking place in the US Bankruptcy Court for the Southern District of Texas, and Judge Marvin Isgur approved the creditor settlement last week. The company voluntary filed for bankruptcy protection and […]
Australian satellite services business Speedcast looks likely to sell itself to its former lender Centrebridge Partners for $395 million (€334.4m). However, the deal, if agreed by the bankruptcy court, could leave its other creditors unsatisfied. Sydney-based Speedcast says it has received a “commitment” from Centrebridge along with an offer by Centrebridge to fund Speedcast’s debtor-in-possession […]
Intelsat’s Q2 results, to June 30th, were not impressive. The company is in Chapter 11 bankruptcy reconstruction as a ‘debtor in possession’ and it is near-certain that it will exit bankruptcy in a stronger position, but at the moment the negative news is extensive. For example: Network Services (worth 37 per cent of Intelsat’s total […]
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 […]
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 […]
Intelsat, which is currently trading as a ‘debtor in possession’, will continue supplying its global satellite services to Australia-based SpeedCast International, which is also in bankruptcy reorganisation. It means that Intelsat will waive its current $44 million claim against SpeedCast and continue to be a primary bandwidth provider to SpeedCast. Speedcast entered bankruptcy on April […]