Speedcast emerges from Chapter 11 under new ownership

BY Fraser Tennant

Having successfully completed its restructuring process, satellite communication provider Speedcast International Limited has emerged from Chapter 11 proceedings under the ownership of private investment firm Centerbridge Partners.

Over the past 12 months, Speedcast has taken steps to reduce its cost structure and strengthen its operations. Furthermore, the company plans to transform its business and help customers evolve what their remote operations can achieve with fully connected systems that harness future-ready technologies and applications.

As part of this transformation, Speedcast will also integrate its previous mobility networks with a comprehensive, unified global platform capable of supporting the most demanding customer operations and digitalisation requirements.

“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,” said Joe Spytek, chief executive of Speedcast. “I’m eager to work with Centerbridge to position the business for success and give our customers the tools to advance the performance of their operations in today’s changing market landscape.”

Following Centerbridge’s $500m 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.

“We look forward to supporting Speedcast’s management team in building upon the company’s strong foundation to realise the growth opportunities that exist as they move forward,” said Jared Hendricks, senior managing director at Centerbridge. “We are excited to work together to help Speedcast further strengthen its service offerings to ensure the company is poised to thrive.”

Speedcast filed for Chapter 11 in July 2020, citing significant industry pressures, as well the global impact of coronavirus (COVID-19) pandemic –  dynamics that made it impossible for the company to complete its planned equity raise.

Founded in 1989, Speedcast is the world’s largest remote communications and IT services provider. Serving more than 3200 customers in over 140 countries, the company has a strong customer focus and a strong safety culture.

Mr Spytek concluded: “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.”

News: Speedcast emerges from Chapter 11 bankruptcy debt free

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