Apollo Global Management Inc. and other creditors of Global Eagle Entertainment Inc. are poised to buy the bankrupt inflight Wi-Fi provider after winning a bankruptcy auction with a $675 million credit bid.
The winning group of lenders also includes Eaton Vance Management, BlackRock Financial Management, Arbour Lane Capital Management LP, Sound Point Capital Management, and Mudrick Capital Management.
Los Angeles-based Global Eagle canceled the auction Wednesday after it received no other qualified offers.
The lender group will also provide the company $80 million in bankruptcy financing. The group had agreed to serve as the stalking horse, a pre-selected bidder that ...
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