Speedcast International is a global provider of managed network and satellite communication services. They offer high-performance connectivity solutions, integrating satellite, fiber, and wireless technologies. Speedcast serves various sectors, including maritime, energy, government, and enterprise, providing critical communications for remote operations and digital transformation. The company partners with organizations like Airbus and the Australian Space Agency to deliver satellite services and support space sector growth, focusing on areas like IoT, maritime mobility, and satellite managed services.
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James Trevelyan is the Senior Vice President of Enterprise and Emerging Markets at Speedcast.
Will Mudge is the Vice President of Engineering Operations at Speedcast.
Speedcast will provide a fully managed wide-area network connectivity service for Kinross at the Kayenmyvaam and Kavralyanskaya sites.
Speedcast received a contract from JSC Chukotka Mining and Geological Company, a Kinross subsidiary, to expand the company’s VSAT network supporting development of the Udinsk Gold open-pit mine to two new license areas in the Russian Far East.
This contract is the second extension Speedcast has received since its original start of service in 2020.
Speedcast exited bankruptcy on 2021-03-11 after a restructuring deal involving Centerbridge Partners wiped out all $700,000,000 of Speedcast’s debt.
Centerbridge Partners made a $500,000,000 equity investment in Speedcast.
Centerbridge Partners invested $500,000,000 into Speedcast as part of a deal that wiped out Speedcast's debt.
Centerbridge Partners completed necessary regulatory and administrative requirements to take ownership of Speedcast.
Access to end customers is identified as a key competitive factor that may require SES to allocate C-band proceeds to acquire a large service provider such as Global Eagle or Speedcast or to continue expanding its service business.
Under the terms of the Plan, Centerbridge will provide Speedcast with a new USD $500,000,000 equity investment.
The Plan provides for a permanent reduction of Speedcast’s USD $634,000,000 senior secured debt.
The USD $500,000,000 equity investment from Centerbridge will be used in part to repay Speedcast’s USD $285,000,000 debtor-in-possession financing.
Speedcast initiated voluntary Chapter 11 proceedings to recapitalize its business on 2020-04-23.
The Plan confirmation clears the path for Speedcast to complete the Chapter 11 process after receiving final regulatory approvals and satisfying customary closing conditions, which is expected by the end of the first quarter of 2021.
Speedcast planned to file for Chapter 11 bankruptcy protection in April 2020 as the coronavirus pandemic weakened demand for connectivity services to cruise lines, oil rigs, and other customer platforms.
Speedcast International Ltd. will emerge from Chapter 11 bankruptcy by 2021-03-31 under new owner Centerbridge Partners.
With Centerbridge’s additional $500,000,000 investment, Speedcast will repay its $285,000,000 debtor-in-possession financing, make cash payments to vendors, and reduce its $634,000,000 senior secured debt.
Centerbridge Partners is making an additional investment of $500,000,000 in Speedcast under the terms of the reorganization plan announced 2021-01-25.
The Speedcast IoT Center is designed for onshore and offshore customers to manage industrial IoT and M2M needs.