What happened to Speedcast?
What happened to Speedcast?
Speedcast is an Australian company specializing in communications satellite technology. Trading of Speedcast has been suspended from the ASX since 3 February 2020. On 23 April 2020, Speedcast International filed for Chapter 11 bankruptcy in the USA.
Is Speedcast publicly traded?
Today, Speedcast is a publicly-traded company that owns and operates one of the world’s largest and most reliable satellite networks. Speedcast has over 4,500 terrestrial sites and approximately 10,000 offshore rigs and vessels, servicing over 2,200 customers out of more than 39 teleports globally.
Who bought CapRock communications?
Speedcast
Speedcast today announced it has completed the previously announced acquisition of Harris CapRock in a cash transaction valued at US$425 million. The combined entities create a global and diversified leader in remote communications and network services.
Who owns Speedcast International?
Centerbridge Partners
AsiaSat
Speedcast/Parent organizations
Having successfully completed its restructuring process, satellite communication provider Speedcast International Limited has emerged from Chapter 11 proceedings under the ownership of private investment firm Centerbridge Partners.
What happened to SDA ASX?
Speedcast International (SDA) has completed its restructuring process and will now begin the voluntary liquidation process. The satellite provider filed bankruptcy last year, with the U.S. based company Speedcast Holdings III buying out the company’s assets.
What happens to my Speedcast shares?
Existing shareholders in collapsed satellite group, Speedcast International will be wiped out in a deal that could see the company emerge from bankruptcy early next year. Speedcast shares have been suspended January this year 31 this year. The company later entered Chapter 11 bankruptcy protection in the US.
What happened to Speedcast’s business?
The impact on Speedcast’s business was further exacerbated as the COVID-19 pandemic spread worldwide and halted activities for Speedcast’s cruise line customers. These dynamics made it impossible for Speedcast to complete its planned equity raise – or any recapitalization transaction – outside of the Court-supervised chapter 11 process.
What is speedspeedcast professional services?
Speedcast provides full access to our portfolio of applications that cover a comprehensive range of voice, data, network and content requirements. With our Professional Services, you have access to our knowledgeable team of experts, who deliver network and system integration, innovation and testing lab and digitalization and IoT.
Who are Speedcast’s legal and financial advisors?
Speedcast is advised by Weil, Gotshal & Manges LLP as global legal counsel and Herbert Smith Freehills LLP as co-counsel. FTI Consulting, Inc. is Speedcast’s financial and operational advisor.
What does Speedcast’s Chapter 11 filing mean for its customers?
While under the Court’s protection, Speedcast fully intends to continue its global operations uninterrupted. Customers should expect to receive the same leading products and services delivered by Speedcast prior to the chapter 11 filing and should see no changes in the way they interact with the Company.
