Advanced Television

Speedcast

Speedcast forecasts solid future

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 […]

March 19, 2021

Speedcast exits Chapter 11

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 […]

March 15, 2021By Chris Forrester

Speedcast exits bankruptcy

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 […]

January 26, 2021By Chris Forrester

Speedcast gets $395m to exit bankruptcy

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 […]

August 14, 2020By Chris Forrester

Intelsat suffering in “challenging” environment

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 […]

August 7, 2020By Chris Forrester

Inmarsat gets some Speedcast cash

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 […]

July 20, 2020By Chris Forrester

Inmarsat demands Speedcast payment

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 […]

July 16, 2020

Intelsat reaches agreement with Speedcast

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 […]

July 8, 2020By Chris Forrester