Global Eagle gets final approval to access $80 million DIP facility

By Caroline Salls

Pittsburgh, Aug. 19 – Global Eagle Entertainment Inc. obtained final court approval to access $80 million in debtor-in-possession financing from its investor group, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the new DIP financing, together with cash on hand and cash generated from ongoing operations, is expected to provide ample liquidity to support the company’s operations during its sale process.

The facility will mature in six months, subject to a 30-day extension.

Interest will accrue at Libor plus 1,000 basis points, with a 1.25% Libor floor.

Based in Los Angeles, Global Eagle is a provider of media, content, connectivity and data analytics to markets across air, sea and land. The company filed bankruptcy on July 22 under Chapter 11 case number 20-11835.

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