Speedcast seeks court approval of private sale to Inmarsat Solutions

By Sarah Lizee

Olympia, Wash., Nov. 16 – Speedcast International Ltd. is seeking court approval of the private sale of some assets and assignment of related customer contracts to Inmarsat Solutions BV, according to a motion filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas.

The company said the transaction will bring substantial benefits to the debtors and their estates, including estimated potential cash proceeds of up to $13.6 million initially, up to an additional $2.7 million subject to collection of customer receivables and relief from certain contractual obligations and other liabilities in relation not only to Inmarsat, but to hundreds of customers that otherwise would potentially have the ability to assert their own contract rejection claims against the debtors.

Speedcast is a Sydney, Australia-based provider of remote communication and IT solutions. The company filed bankruptcy on April 23, 2020 under Chapter 11 case number 20-32243.

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