All verified mentions of this organization in source documents.
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.
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.
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.
Speedcast International Ltd. will emerge from Chapter 11 bankruptcy by 2021-03-31 under new owner Centerbridge Partners.
Centerbridge Partners is making an additional investment of $500,000,000 in Speedcast under the terms of the reorganization plan announced 2021-01-25.
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.
The Speedcast IoT Center is designed for onshore and offshore customers to manage industrial IoT and M2M needs.
Speedcast will continue to deliver Inmarsat Land MSS services to its enterprise customers as part of its land portfolio, leaving enterprise clients and sites unaffected by the agreement.
The agreement is intended to help Speedcast emerge from its Chapter 11 proceedings announced earlier 2020.
Speedcast will continue to deliver Inmarsat Land mobile satellite services to its enterprise customers as part of its land portfolio, with enterprise clients and sites unaffected by the agreement.
Prior to joining AsiaSat, Tony Chung served as Senior Vice President of Asia Pacific Operations at Speedcast International Limited.
Tony Chung contributed to a series of successful acquisitions by Speedcast.
Tony Chung was responsible for running Speedcast’s operations, including field engineering and service delivery for customers in the region.
On 2020-08-13, private investment management firm Centerbridge Partners of New York and London offered $395,000,000 to obtain 100% of Speedcast's equity in the reorganized company.
Centerbridge offered $220,000,000 in new debtor-in-possession financing to repay Speedcast's earlier bankruptcy loan and the financing comes with better repayment terms.
Speedcast's unnamed debtor-in-possession financers committed $90,000,000 in new-money loans to allow Speedcast to continue operations while under bankruptcy protection.
Speedcast International has up to $1,000,000,000 in assets and liabilities.
Speedcast International obtained commitments for up to $90,000,000 in debtor-in-possession financing to support operations during its restructuring.
Speedcast International filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas with the goal of completing its restructuring by the end of August.