Critical communications company 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 11 March after receiving a US$500 million equity investment from US-based private equity firm Centerbridge.
Having spent the last year taking steps to reduce its cost structure and strengthen its operations, the company will now move forward as a stable, more efficient and customer-centric supplier of critical communications services to the maritime, energy, mining, media, telecom, cruise, NGO, government, and enterprise sectors in over 140 countries worldwide.
Speedcast will now focus on supporting its customers to maximise what their operations can achieve with the use of fully connected systems that harness remote site technologies and applications. Part of this effort incudes integrating the company’s legacy mobility networks to build a comprehensive unified global platform capable of supporting the most demanding customer operations and digital transformation requirements.
Speedcast CEO, Joe Spytek said, “We are pleased to have reached the completion of this process which is the culmination of a lot of hard work from our entire team. I especially want to thank our customers and partners who extended us their trust as we completed our restructuring, and our employees for their dedication to supporting client operations throughout this process”.
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Read the article online at: https://www.worldpipelines.com/business-news/12032021/satellite-firm-speedcast-emerges-from-chapter-11-proceedings/