Speedcast Completes Restructuring & Emerges Under New Ownership

Speedcast completed its restructuring process and the continuing Speedcast business has, as part of the Chapter 11 proceedings, now been transferred to new U.S.-based parent, Speedcast Holdings III LLC, which is controlled by Centerbridge Partners, according to a statement filed to the ASX.

• Centerbridge has made a $500 million equity investment in the Speedcast business, which now has a clean balance sheet with no secured debt and a healthy cash balance
• The former parent company of the Speedcast business, Speedcast International Ltd., has no remaining material assets or liabilities and will shortly initiate a voluntary liquidation process, under which shareholders ...