October Bankruptcy Developments
October 2 – The Bankruptcy Court for the Southern District of New York confirmed the plan of reorganization of OneWeb Global Ltd. (OneWeb), which filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in March of this year. Under the plan, OneWeb will resume full business operations, including the deployment of 650 satellites for its initial low-Earth orbit broadband Internet constellation. The company’s new owners, Bharti Global Limited and the Government of the United Kingdom, received approval in July to purchase the company for $1b.
October 15 – The Bankruptcy Court for the District of Delaware approved the terms of an offer by secured creditors – Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management LP, Mudrick Capital Management LP, Sound Point Capital Management LP, The Carlyle Group and BlackRock Financial Management, Inc. – to purchase Global Eagle Entertainment Inc., which filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in July of this year, for $675m under a plan that will eliminate $475m in debt and afford $125m in exit financing in addition to the $80m in debtor-in-possession financing already provided.