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SpeedCast Files Bankruptcy With Cruise and Oil Customers Reeling

April 23, 2020, 7:18 PM

Satellite communication provider SpeedCast International Ltd. filed for Chapter 11 bankruptcy after a collapse in oil prices and the halting of cruise-industry operations squeezed many of its biggest customers.

SpeedCast, headquartered in Australia, will likely seek to re-shape its balance sheet and attain fresh cash during its bankruptcy, a representative said in an emailed statement. The process is expected take about six months.

The company has commitments from current lenders for a $90 million bankruptcy loan, according to a separate statement. The bankruptcy filing doesn’t include SpeedCast’s government-business entities, which provide communication and reconnaissance platforms to the U.S. and ...