Speedcast International Limited, a major provider of satellite connectivity to the cruise industry, has announced that its plan of reorganization has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas
According to a press release, this confirmation definitively clears the path for the company to successfully complete the Chapter 11 process after receiving final regulatory approvals and satisfying customary closing conditions, which is expected by the end of the first quarter of 2021.
The company stated that it is poised to emerge with a significantly strengthened balance sheet and the support of Centerbridge Partners and its affiliates as its new owner.
The Courts confirmation of the plan marks a key milesto…
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