Inflight TV provider Global Eagle Entertainment has filed for bankruptcy protection as airline and cruise line travel collapses amid the coronavirus pandemic, Hollywood Reporter reported. The chapter 11 filing by Golden Eagle — which has assets worth around $630.5 million and carries $1.08 billion in debt across first-lien and second-lien creditors — was made in a U.S. bankruptcy court in Delaware. The application includes a "stalking horse" purchase agreement with secured lenders to kick-start a bidding process for company assets with an eye to Golden Eagle eventually emerging from bankruptcy protection. Golden Eagle acquires nontheatrical releases and music from Hollywood and indie content producers internationally, while also providing satellite-based WiFi Internet to travelers. The company's unsecured creditors include Lionsgate Entertainment, Paramount Pictures, Sony, Warner Music Group, Fox International Channels and CBS. In the July 22 filing, CFO Christian Mezger said that the company "had been adversely impacted by the COVID-19 pandemic" as its airline and cruise line partners had ceased or severely reduced their operations. The filing added that demand for Golden Eagle services had "drastically" shrunk, impacting the company's operations and cash flows.
