Global Eagle’s Bankruptcy Sale to Apollo, Other Lenders Approved

In-flight WiFi provider Global Eagle Entertainment Inc. won bankruptcy court approval to hand over its business to Apollo Global Management Inc. and other company lenders in exchange for debt forgiveness.

The sale, valued at around $700 million, includes the assumption of $20 to $25 million in estimated trade claims and $32 million for wind-down professional fees. The deal will ultimately cut Global Eagle’s debt by more than $465 million, according to the company.

Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware approved the sale during a telephonic hearing Thursday after the committee of ...