Speedcast has successfully completed its restructuring process and emerged from chapter 11 proceedings under the ownership of Centerbridge Partners, L.P. and its affiliates. Following Centerbridge’s $500m 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.
Joe Spytek, Chief Executive Officer, Speedcast, said: “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. 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.”
The company said it has taken steps over the past 12 months to reduce its cost structure and strengthen its operations. In particular, Speedcast is working to integrate 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.
Jared Hendricks, Senior Managing Director, Centerbridge, added: “We look forward to supporting Speedcast’s management team in building upon the company’s strong foundation to realise the growth opportunities that exist as they move forward. We are excited to work together to help Speedcast further strengthen its service offerings to ensure the company is poised to thrive.”