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Speedcast has successfully completed its restructuring process and emerged from chapter 11 proceedings under the ownership of Centerbridge Partners, L.P. Following Centerbridge’s USD $500 million equity investment in the company, Speedcast now has a clean balance sheet with no secured debt and a healthy cash balance, optimally positioning it as a stable, long-term partner for its employees, customers and vendors.

Speedcast is set to emerge from Chapter 11 with a new USD $500 million equity investment from Centerbridge. The funding will be used in part to repay all of its USD $285 million debtor-in-possession financing, as well as a permanent reduction of all of the USD $634 million senior secured debt of the Company.

OneWeb has announced its emergence from U.S. Chapter 11 bankruptcy protection and achievement of all relevant regulatory approvals.

Speedcast has confirmed an agreement with Inmarsat to sell its primary Fleet Xpress, FleetBroadband and Fleet One service contracts to Inmarsat.

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