Speedcast exiting Chapter 11 with $500M in equity after Centerbridge wins ownership battle with Black Diamond

by Peter B. de Selding

PARIS — Mobile satellite services provider Speedcast International Ltd. is expected to exit Chapter 11 by mid-March following the Jan. 22 approval of a restructuring plan by its bankruptcy court.

The ruling was made possible by a December settlement between Speedcast’s two largest creditors — Centerbridge Partners L.P. and Black Diamond Capital Management — both of which wanted to purchase Speedcast.

After a months-long series of maneuvers that delayed Speedcast’s exit from Chapter 11, it was Centerbridge that emerged the winner . . .

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