Speedcast withdraws motion to reimburse equity commitment expenses

By Caroline Salls

Pittsburgh, Sept. 1 – Speedcast International Ltd. withdrew a motion to pay an expense reimbursement in connection with a $395 million equity commitment from Centerbridge Partners, LP, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

According to the motion, the equity commitment agreement gives all of the company’s secured credit agreement lenders the opportunity to participate in the ownership of reorganized Speedcast based on their ownership of the company’s pre-bankruptcy debt held as of Aug. 11.

Speedcast is an Australia-based provider of remote communication and IT solutions. The company filed bankruptcy on April 23 under Chapter 11 case number 20-32243.

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