Speedcast International, an Australian network service provider leasing capacity on more than 80 satellites, files for chapter 11 bankrupty. One of the stated reasons is the weak cruise and oil markets.
- customer struggles, amplified by the coronavirus’ impact on the cruise sector, made it “impossible” to raise much-needed equity.
- Speedcast’s bankruptcy leaves at least 12 satellite operators with unsecured claims. The largest, Intelsat, is owed $45.2 million, followed by Inmarsat with $24.8 million in unsecured claims, and SES with $7.7 million.
- Speedcast said all of its business units are continuing to operate without disruption despite the bankruptcy.