Global Eagle secures approval of $20 million additional DIP loans

By Sarah Lizee

Olympia, Wash., March 11 – Global Eagle Entertainment Inc. obtained court approval to amend its $80 million debtor-in-possession facility so that it may borrow additional loans of up to $20 million, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the 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, which is provided by the company’s investor group, has a six-month term, subject to a 30-day extension.

Interest accrues 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, 2020 under Chapter 11 case number 20-11835.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.