The agreement marks a significant milestone for Speedcast as the company looks towards emergence from its chapter 11 proceeding and seeks to cement renewed relationships with key suppliers. It will provide increased capacity to assist customers with critical short-term requirements as the industry continues to adapt to the current environment. The agreement was approved by the U.S. courts overseeing the financial restructuring cases for both Speedcast and Intelsat.
“This new agreement will offer us the flexibility and global scale we need to best support our customers,” said Peter Shaper, chief executive officer at Speedcast.
“As we navigate the near-term headwinds stemming from the global Covid-19 pandemic and work toward finalising our recapitalisation process, it is critical that we find opportunities to reassess our overall bandwidth purchasing to better support our network, while also allowing us to help our customers through these unprecedented times. We look forward to expanding our use of the Intelsat network, and further transforming our business.”