London, United Kingdom (ABN Newswire) - Speedcast International Limited (ASX:SDA) (FRA:7SC) (OTCMKTS:SPPDF) today announced that it has received further recapitalisation proposals for the business from two of its largest lenders, Black Diamond Capital Management and Centerbridge Partners.

The Company is currently evaluating the revised proposals with a view to maximising value for all creditors and certainty of outcome for all stakeholders. Speedcast has withdrawn a related motion that was due to be heard in the United States Bankruptcy Court for the Southern District of Texas.

The Chair of Speedcast International, Stephe Wilks commented "Black Diamond and Centerbridge are the two largest secured creditors of the Company and we are pleased that both have delivered compelling proposals for Speedcast. Our focus remains on evaluating both proposals to determine an agreed path that maximises value for all creditors and certainty for all stakeholders".

Peter Shaper, Speedcast's Chief Executive Officer, is returning to the private equity firm he is affiliated with. Shaper has tendered his resignation to the Board, and the Board has accepted his resignation. Joe Spytek will continue in his role as President and Chief Commercial Officer, continuing to provide senior leadership to the Company.

Stephe Wilks further commented, "The Board is incredibly appreciative of Peter's efforts in stabilising Speedcast through this challenging period."

Speedcast announced its decision to recapitalise its business through voluntary Chapter 11 proceedings on April 23, 2020. More information about Speedcast's Chapter 11 case can be found at http://www.kccllc.net/speedcast.

Speedcast is advised by Weil, Gotshal & Manges LLP as global legal counsel and Herbert Smith Freehills as co-counsel. Michael Healy of FTI Consulting, Inc. is Speedcast's Chief Restructuring Officer, and FTI Consulting, Inc. is Speedcast's financial and operational advisor. Moelis Australia Advisory Pty Ltd and Moelis & Company LLC are Speedcast's investment bankers. KCC is Speedcast's claims and noticing agent.



About Speedcast International Ltd:

Speedcast International Ltd (ASX:SDA) is the world's largest remote communications and IT services provider. The company delivers critical communications solutions through its multi-access technology, multi-band and multi-orbit network of 80+ satellites and an interconnecting global terrestrial network, bolstered by extensive local support from 40+ countries. Speedcast is uniquely positioned as a strategic partner, tailoring communications, IT and digital solutions to meet customer needs and enable business transformation. The company provides managed information services with differentiated technology offerings, including cybersecurity, crew welfare, content solutions, data and voice applications, IoT solutions and network systems integration services. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries in sectors such as Maritime, Energy, Mining, Enterprise, Media, Cruise, Humanitarian and Government. Learn more at http://www.speedcast.com



Source:

Speedcast International Ltd



Contact:

Investors 
Ronn Bechler 
P: +61-400 009 774 
E: ronn.bechler@marketeye.com.au 

Media
Tristan Everett  
P: +61 403 789 096
E: tristan.everett@marketeye.com.au