Speedcast Agrees To $395M Sale To Lender Amid Ch. 11

Law360 (August 13, 2020, 10:57 PM EDT) -- Australian communications satellite company Speedcast International Ltd. said Thursday it has agreed to sell itself to Centerbridge Partners and its affiliates for $395 million and has received a commitment from the private investment firm for up to $220 million in debtor-in-possession financing as part of its Chapter 11 proceedings in Texas.

Speedcast said in a statement and in filings Wednesday in Texas bankruptcy court that the funds are a "critical step" toward its reorganization and a rapid exit from Ch. 11 and that takeover also has a nod from its official committee of unsecured creditors. Speedcast said it's asked to be allowed...

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