Avanti, again on the precipice, has until Feb 8 to refinance or face UK Chapter 11 filing

by Peter B. de Selding

PARIS — Satellite fleet operator Avanti Communications Group plc is back on a cliff edge and facing a British Chapter 11-type restructuring as a bond payment deadline approaches that would trigger a broader default.

Avanti said it was in “advanced discussions with a financing source” to cover the debt payment, due Feb. 8, but a recent change in Britain’s bankruptcy code could make a Chapter 11-type filing more appealing than a refinancing on onerous terms.

London-based Avanti, which operates five satellites in geostationary orbit . . .

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