Speedcast files Chapter 11 bankruptcy, receives $90M DIP loan; top unsecured creditors include Intelsat, Inmarsat, SES

by Peter B. de Selding

PARIS — Mobile satellite services provider Speedcast International Limited has initiated Chapter 11 bankruptcy proceedings in the United States with a $90-million commitment for debtor-in-possession financing from its commercial lenders.

Australia-based Speedcast, whose finances have been weak for more than a year, said the DIP funding will keep its operations running nominally through the Chapter 11 process.

The company said its largest unsecured creditors include fleet operators Intelsat and affiliates, with a $45.1 million claim; Inmarsat and affiliates, $24 . . .

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