Last year was a tough year, and most people on the planet can confirm this detail. Schools were closed, businesses stagnated, people lost their jobs, and most importantly, many people lost their lives due to the covid-19 pandemic. If you are an observant person and watched the market trends last year, you can confirm that businesses were failing and filing for bankruptcy. This year things are better, and people are hoping that things run smoothly until the end.
Speedcast was one of the companies that underwent a rough patch, and for a while, no one would have believed they would return to the top. Last year in April, the company filed for Chapter 11 bankruptcy business protection. This incident followed after their former CEO, PJ Beylier, resigned a few months before the announcement. The company explained that there was pressure on the gas and oil, and maritime industries not to add the COVID-19 pandemic resulting in them settling for this choice. There were different reactions from the public, where various experts commented on the issue.
About twelve months later, Speedcast announced their current situation claiming that things are better. Their statement stated that they have completed the restructuring phases and went through the Chapter 11 proceedings. However, it is currently under the Centerbridge Partners L.P and its affiliates. The company has a chance to restart all over again and move forward, making sure never to make the same mistakes.
Reliable sources claim that Centerbridge invested about $500 million of equity to bring the company back to its feet. Currently, Speedcast has a clean balance sheet and has no debt. Their statement highlighted the recovering process claiming that they have spent the last over twelve months restructuring how they run the company. Their main focus was on reducing the cost structure and strengthening the operations. The company is currently working on its former mobility networks to create a unified and comprehensive global platform.
Speedcast has a new CEO, Joe Spytek, a man worthy of all the praise regarding regaining glory. After closing the deal, Joe spoke to Via Satellite, giving details regarding recent happenings and future expectations. He explained that the company is now run as private equity and will no longer be listed in Australia. Also, their headquarters will shift from Australia to the United States.
Joe expressed his gratitude to Centerbridge for sticking with them during the tough times and restructuring process. He highlighted that the past year was hard, but the outcome is at all the people’s interest. Currently, Speedcast is working on restructuring, integrating old businesses, and drive efficient products into the market.