Global Eagle now paying cash penalty for financial-reporting delays

by Peter B. de Selding

PARIS — Aeronautical and maritime satellite service provider Global Eagle Entertainment (GEE) on July 12 announced the first of what could be an expensive series of cash payments to its creditors as a penalty for not filing recent earnings statements.

Los Angeles-based GEE said that as of July 11 it had paid its lenders, led by Citibank, the $1.4 million required by loan covenants that were amended and tightened on June 30.

The new obligations require GEE to pay 0.25% of its revolving credit commitments and term . . .

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