Speedcast eyes longer exclusivity amid possible Black Diamond bid

By Sarah Lizee

Olympia, Wash., Jan. 12 – Speedcast International Ltd. is seeking a further extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a supplemental motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The debtors are now seeking to extend the plan filing period through Feb. 8 and the solicitation period through March 19.

A plan sponsor selection process is running simultaneously with the solicitation of the debtors’ plan, with the goal of securing potentially higher recoveries for the debtors’ creditors, as previously reported.

“The debtors’ request for an extension of the exclusive filing period to Jan. 11 and the exclusive solicitation period to Feb. 19 was predicated on confirmation of the proposed plan prior to the end of 2020, consistent with the debtor-in-possession financing milestones,” the motion said.

“However, the additional time provided for Black Diamond Capital Management LLC to consider submitting a plan sponsor proposal has meaningfully extended the timeline initially anticipated by the debtors for confirmation of the proposed plan.”

Speedcast is an 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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