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Saturday, December 14, 2024
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Speedcast: Receives US$395M equity commitment for recovery
FinTechFunding
Less than 1 min.Read

Speedcast: Receives US$395M equity commitment for recovery

Steve Sam
By Steve Sam
  • Speedcast has received a US$395 million equity commitment from Centrebridge Partners and one of its affiliates
  • Speedcast provides remote communications and IT services to more than 2000 customers in over 140 countries
  • The company initiated a financial restructuring as it was clear it was facing financial peril
  • The company is undergoing a reorganisation under chapter 11 of the U.S. Bankruptcy Code
  • The reorganisation plan will provide for cash payments to secured claims holders
  • Company shares have been in a trading halt since February this year, last trading for 79 cents

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