Apollo Global Management, Eaton Vance Management, Arbour Lane Capital Management, Sound Point Capital Management, Mudrick Capital Management, and certain funds and accounts under management by BlackRock Financial Management, Crestline Investors, Inc. and others signed a definitive asset purchase agreement to acquire Substantially All Assets of Global Eagle Entertainment Inc. (NasdaqCM:ENT) ("Company") for approximately $680 million on July 21, 2020. The buyer is an entity established at the direction of holders of approximately 90% of the Company's senior secured first-lien term loans, led by lenders managed by Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management, L.P., Sound Point Capital Management, Mudrick Capital Management, or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock Financial Management, Inc. In connection with in-court process, Global Eagle will be obtaining $80 million in debtor-in-possession (“DIP”) financing from Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management, L.P., Sound Point Capital Management, Mudrick Capital Management, or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock Financial Management, Inc. In addition to this $80 million DIP financing, the acquisition is expected to be financed by an additional investment in the business in the form of a $125 million exit facility, which would include assumption or refinancing of the DIP financing. The Asset Purchase Agreement may be terminated upon the occurrence of certain events, including if the Closing has not occurred prior to October 30, 2020 (subject to extension in certain cases to no later than December 29, 2020).

The proposed transaction is subject to higher or better offers, approval by the Bankruptcy Court and other customary conditions. The conditions includes all waiting periods (including any extension thereof) applicable to the purchase and sale of the Purchased Assets under the HSR Act or any other Antitrust Law, the FCC Approval shall have been granted; the Bankruptcy Court shall have entered the Bid Procedures Order on or before 28 days after the Petition Date; and the Bankruptcy Court shall have entered the Sale Order and the Sale Order shall be a Final Order on or before (i) subject to the Bankruptcy Court's availability, 49 days after the Petition Date, in the event the IAB Trigger Event occurs and (ii) 85 days after the Petition Date, in the event the IAB Trigger Event does not occur. As of October 15 2020 bankruptcy court has approved the transaction and the transaction is expected to close by first quarter of 2021. As a result of the proposed transaction, Global Eagle Entertainment will reduce its total debt by approximately $475 million.

George Davis, David Zaheer, Nicholas J. Messana and Ted Dillman of Latham & Watkins LLP and Michael R. Nesto and Kara Hammond Coyle of Young Conaway Stargatt & Taylor, LLP is serving as Global's legal advisors. Greenhill & Co., Inc. is serving as the Global's financial advisor. Scott J. Greenberg, Michael J. Cohen and Barbara L. Becker of Gibson, Dunn & Crutcher LLP and Laura Davis Jones of Pachulski Stang Ziehl & Jones LLP acted as legal advisors and Rothschild & Co. acted as financial advisor to Apollo Global Management, Eaton Vance Management, Arbour Lane Capital Management, Sound Point Capital Management, Mudrick Capital Management, and certain funds and accounts under management by BlackRock Financial Management, Crestline Investors, Inc. and others. Alvarez & Marsal is serving as Global's restructuring advisor.

Apollo Global Management, Eaton Vance Management, Arbour Lane Capital Management, Sound Point Capital Management, Mudrick Capital Management, and certain funds and accounts under management by BlackRock Financial Management, Crestline Investors, Inc. and others completed the acquisition of Substantially All Assets of Global Eagle Entertainment Inc. (NasdaqCM:ENT) ("Company") on March 23, 2021.