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.
Speedcast International has launched a next generation Internet of Things (IoT) platform designed to simplify connectivity, provisioning, and device management through a single console.
Speedcast has confirmed an agreement with Inmarsat to sell its primary Fleet Xpress, FleetBroadband and Fleet One service contracts to Inmarsat.
Speedcast has received a US$395 million equity commitment from Centerbridge Partners, L.P. and its affiliates to support a plan of reorganisation, which has the support of both Centerbridge and the Company’s Official Committee of Unsecured Creditors.
Speedcast International has signed a new multi-year contract with Intelsat to leverage the reach and reliability of Intelsat’s global connectivity infrastructure service offerings.
Satellite communications company Speedcast has filed for bankruptcy under chapter 11 of the United States Bankruptcy Code, citing the global COVID-19 pandemic and impact this has had upon Speedcast’s cruise line customers. These dynamics made it impossible for Speedcast to complete its planned equity raise – or any recapitalisation transaction – outside of the Court-supervised chapter 11 process.
Iridium Communications has announced the first seven companies it has authorised to provide its Global Maritime Distress and Safety System (GMDSS) services, planned for commercial introduction in the first half of 2020.
Color Line has signed a multi-year, fully managed communications contract with Speedcast for its Color Carrier vessel.
Speedcast has signed a multi-year agreement with SK Offshore & Marine (SKOM), the chartering division of large Malaysian offshore support vessel (OSV) provider Nam Cheong, to deliver Ku-band VSAT services for 17 SKOM vessels.
Digital Ship magazine provides the latest information about maritime satellite communications technology, software systems, navigation technology, computer networks, data management and TMSA. It is published ten times a year.
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