Global Eagle Gets $700M Last-Minute Sale OK In Del. Ch. 11

Law360 (October 15, 2020, 3:23 PM EDT) -- Last-minute talks averted a contested Chapter 11 sale hearing for travel industry entertainment provider Global Eagle Entertainment Inc. on Thursday, with a Delaware bankruptcy judge approving a handoff to lenders for a $586.5 million debt takeback and other terms worth up to $116 million.

The first lien lender deal — hammered out late Wednesday and approved by U.S. Bankruptcy Judge John T. Dorsey in a virtual hearing — was the only one offered to the 1,100 employee business since it sought Chapter 11 protection in July with about $1 billion in secured and unsecured debt.

Under the agreement, the lenders committed...

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