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Speedcast Announces Successful Completion of Restructuring and Emergence Under New Ownership by Centerbridge Recapitalization provides Speedcast with clean balance sheet and financial strength and flexibility WASHINGTON, D.C., March 11, 2021 – Speedcast has successfully completed its restructuring process and today emerged from chapter 11 proceedings under the ownership of Centerbridge Partners, L.P. and its affiliates. Following Centerbridge’s USD $500 million 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 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 Officer, Speedcast. “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. 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.” Over the past 12 months, Speedcast has taken meaningful steps to reduce its cost structure and strengthen its operations. Now under new ownership, the company is moving forward on the course it set 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. Part of this effort includes integrating the company’s previous mobility networks to build a comprehensive, unified global platform capable of supporting the most demanding customer operations and digital transformation requirements. “We look forward to supporting Speedcast’s management team in building upon the company’s strong foundation to realize the growth opportunities that exist as they move forward, ” said Jared Hendricks, Senior Managing Director, Centerbridge. “We are excited to work together to help Speedcast further strengthen its service offerings to ensure the company is poised to thrive.” Speedcast is advised by Weil, Gotshal & Manges LLP as global legal counsel and Herbert Smith Freehills as co-counsel. Michael Healy of FTI Consulting, Inc. is Speedcast’s Chief Restructuring Officer, and FTI Consulting, Inc. is Speedcast’s financial and operational advisor. Moelis Australia Advisory Pty Ltd and Moelis & Company LLC are Speedcast’s investment bankers. KCC is Speedcast’s claims and noticing agent. Centerbridge is advised by Wachtell, Lipton, Rosen & Katz. |
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