April Restructuring Activity
April 6 – Australian satellite-based IoT startup Sky and Space Global Ltd. filed for Voluntary Administration in Australia, the equivalent of a Chapter 11 bankruptcy in the United States.
April 13 – OneWeb Global Ltd. (OneWeb), which filed for Chapter 11 bankruptcy protection in the United States last month, announced that it secured a commitment from its largest secured creditor, SoftBank Group Corp., to provide up to $75m in debtor-in-possession (DIP) financing to fund its ongoing operations during the bankruptcy proceeding. The DIP financing proposal was approved on April 29 by the U.S. Bankruptcy Court for the Southern District of New York.
April 23 – Australia-based network services provider Speedcast International Ltd. announced that, due to the COVID-19 pandemic and turbulence in the maritime and oil & gas markets, it filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The company has secured $90m in debtor-in-possession financing.