Speedcast International, a network services provider leasing capacity on more than 80 satellites, filed for chapter 11 yesterday, citing weakness in the cruise and oil markets, SpaceNews.com reported. The Australian company, which ended 2019 with $669 million in debt, said customer struggles, amplified by the coronavirus’ impact on the cruise sector, made it “impossible” to raise much-needed equity. Speedcast filed with the U.S. Bankruptcy Court for the Southern District of Texas in hopes of completing its restructuring by the end of August. The company said that it has up to $1 billion in assets and liabilities. Speedcast said that it has obtained commitments for up to $90 million debtor-in-possession financing to support operations while it restructures.
