today announced that it has received further recapitalisation proposals for the business from two of its largest lenders, Black Diamond Capital Management and Centerbridge Partners. More information about Speedcast’s Chapter 11 case can be found at http://www.kccllc.net/speedcast. Privacy Policy, Copyright Finance TV Pty Ltd All Rights Reserved, Fairview Equity Partners Emerging Companies, Presima Global Property Securities Concentrated Fund, Retail sales rose 2.5% for December quarter: ASX closed 3.4% higher for the week, Newscorp rallies on results: Aus shares 0.8% higher at noon, Wall Street posts fourth positive session in a row: Aus shares set for solid start, Splitit (ASX:SPT) signs US$150m Receivables Warehouse Facility with Goldman Sachs, Medibank (ASX:MPL) announces investment in Myhealth Medical Group, Crown Resort's (ASX:CWN) Perth Casino doors to remain closed until 14 February, Newscorp (ASX:NWS) posts most profitable second quarter since relaunch 7 years ago, Origin Energy (ASX:ORG) share price weakens on earnings downgrade, Musgrave Minerals (ASX:MGV) appoints new director, Cyclopharm Receives $3.1M R&D Tax Incentive for FY2020, Centuria Office REIT - HY21 Property Compendium, Centuria Office REIT - HY21 Results Presentation, Centuria Office REIT - HY21 Financial Report, Centuria Office REIT - HY21 Results Announcement, Xplore Wealth - Indicative Election Results. Shaper has tendered his resignation to the Board, and the Board has accepted his resignation. Speedcast is advised by Weil, Gotshal & Manges LLP as global legal counsel and Herbert Smith Freehills as co-counsel. The funding will be used in part to repay all of its USD $285 million debtor-in-possession financing, as well as a permanent reduction of all of the USD $634 million senior secured debt of … Learn more at. The company also integrates differentiated technology offerings that provide smarter ways to communicate and distribute content, manage network and remote operations, protect and secure investments, and improve the crew and guest experience. by Katrina Bullock
He later became CEO in July 2004. 20-32243 (MI) (Jointly Administered) NOTICE OF CANCELLATION OF TELEPHONIC HEARING [Relates to Docket No. Peter Myers. Shares in Speedcast International are currently trading at A$0.79 and the price has moved by -72.85% over the past 365 days. In terms of relative price strength - which takes into account the overall market trend - the Speedcast International price has moved by -73.15% over the past year. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries. Thomas Choi founded Speedcast in 1998 as CEO, and later Pierre-Jean Beylier was hired to lead the sales and marketing activities. He is currently a Partner of Houston-based private equity firm Genesis Park. Speedcast International, a network services provider leasing capacity on more than 80 satellites, filed for Chapter 11 bankruptcy protection April 23, citing weakness in the cruise and oil markets. That deal, between Speedcast, Centerbridge and creditor Black Diamond Commercial Finance, will in part establish a trust to pursue claims against former Speedcast CEO Peter Shaper. Peter has 16 jobs listed on their profile. With more satellite capacity than any other provider, Speedcast enables faster, seamless pole-to-pole coverage from a global hybrid satellite, fiber, cellular, microwave, MPLS, and IP transport network with direct access to public cloud platforms. Given the quality of the FY19 results, the board is currently undertaking an extensive review. 27 Sep 2019 - Communication and IT solution provider, Speedcast International (ASX:SDA) has appointed Peter Shaper and Joe Spytek as independent non-executive directors as part of Speedcast… Previously, Joe served as the Founder and CEO of ITC Global, a satellite communications business serving energy, mining and maritime customers. The board, lead by Stephe Wilkes, said it would be looking at … Stephe Wilks further commented, “The Board is incredibly appreciative of Peter’s efforts in stabilising Speedcast through this challenging period.”. Peter Shaper is currently a Partner of Houston-based private equity firm Genesis Park. Joe Spytek will continue in his role as President and Chief Commercial Officer, continuing to provide senior leadership to the Company. The Company is currently evaluating the revised proposals with a view to maximising value for all creditors and certainty of outcome for all stakeholders. REQUEST NO. management incentive plans in Speedcast, any successor to Speedcast, or any acquisition entity concerning Speedcast. Chief Financial Officer, Joint Company Secretary. Commercial coronavirus SpeedCast Satellite telecommunications service provider Speedcast CEO PJ Beylier has resigned from the company in light of a disappointing preliminary FY19 financial result. 3: All term sheets, draft agreements, or other proposals exchanged between or among the Firm, Peter Shaper, Speedcast, and/or Centerbridge concerning the Revised ECA or any other restructuring proposal or alternative. 1390] PLEASE TAKE NOTICE THAT the telephonic hearing on Peter Shaper’s Oral Motion “We are confident we will be well positioned to maximize the full potential of our expanded platform as a result of the actions we’re taking now to align our balance sheet strength with our clear industry leadership,” Shaper said in a release. While the company looks for the next CEO, board directors Peter Shaper and Joe Spytek have agreed to act as co-CEO's. Joe Spytek will continue in his role as President and Chief Commercial Officer, continuing to provide senior leadership to the Company. The Chair of Speedcast International, Stephe Wilks commented “Black Diamond and Centerbridge are the two largest secured creditors of the Company and we are pleased that both have delivered compelling proposals for Speedcast. Mr Jackson has more than 40 years of experience in the satellite and telecommunications sectors. Key personnel. Peter Shaper, Speedcast’s Chief Executive Officer, is returning to the private equity firm he is affiliated with. Disclaimer
The proposed plan would enable the Company, under the leadership of both Peter Shaper, Speedcast's Chief Executive Officer, and Joe Spytek, Speedcast's President and Chief Commercial Officer, to continue to execute on the transformation plan to refocus the business, which they initiated earlier this year after joining the organisation in executive leadership roles. The Company is currently evaluating the revised proposals with a view to maximising value for all creditors and certainty of outcome for all stakeholders. He has extensive business and Board experience, particularly in the satellite telecommunications sector, having previously been Chairman and CEO of CapRock Communications (a company acquired by Speedcast in 2017) and … Chief Executive Officer. Moelis Australia Advisory Pty Ltd and Moelis & Company LLC are Speedcast’s investment bankers. The company also integrates differentiated technology offerings that provide smarter ways to communicate and distribute content, manage network and remote operations, protect and secure investments, and improve the crew and guest experience. © Speedcast 2020. Joe Spytek will continue in his role as President and Chief Commercial Officer, continuing to provide senior leadership to the Company. Speedcast International Ltd (ASX: SDA) is the world’s most trusted communications and IT services provider, delivering critical communications solutions to the Maritime, Energy, Mining, Media, Telecom, Cruise, NGO, Government, and Enterprise sectors. Speedcast International Limited is an Australia-based satellite services provider. SpeedCast says that it aims to emerge from chapter 11 during the 2020 calendar year, and “ideally hopes to have it completed within six months.” The bankruptcy filing documents include a list of the company’s 30 largest creditors with unsecured claims, headed by satellite operator Intelsat, which is owed approximately $45 million, and Inmarsat, which is owed approximately $24.8 million. “The decisive actions we announced are about strengthening our financial position through the proven legal framework the Chapter 11 process provides,” said Speedcast chief executive and executive director Peter Shaper. Speedcast International Limited announced on 23 April 2020 that, after evaluating a variety of options to strengthen its balance sheet in ways that support its long-term growth and success, it has initiated a voluntary financial restructuring under chapter 11 of the United States Bankruptcy Code. September 27, 2019 11:45 AM. Peter T. Shaper serves as Chief Executive Officer of the Company. Peter Shaper, Speedcast’s Chief Executive Officer, is returning to the private equity firm he is affiliated with. Learn about Speedcast's Board of Directors and Executive Committee. Speedcast International Limited and the Commitment Parties Hereto Dated August 12, 2020. Speedcast directors Peter Shaper and Joe Spytek will run the company while it searches for a new CEO. Peter Shaper biography. Satellite telecommunications service provider Speedcast International has announced that it has received further recapitalisation proposals for the business from two of its largest lenders, Black Diamond Capital Management and Centerbridge Partners. “The decisive actions we announced today are about strengthening our financial position through the proven legal framework that the chapter 11 process provides," Peter described. Shaper has tendered his resignation to the Board, and the Board has accepted his resignation. Learn more at www.speedcast.com. Michael Healy of FTI Consulting, Inc. is Speedcast’s Chief Restructuring Officer, and FTI Consulting, Inc. is Speedcast’s financial and operational advisor. REQUEST NO. All Rights Reserved. 2: All documents and communications exchanged between or among the Firm, Peter Shaper, Speedcast, and/or Centerbridge concerning any management co-investment rights or Case 20-32243 Document 756 Filed in TXSB on 09/25/20 Page 6 of 9 The proposed plan would enable the company, under the leadership of both Peter Shaper, Speedcast’s chief executive officer, and Joe Spytek, Speedcast’s president and chief commercial officer, to continue to execute on the transformation plan to refocus the business, which they initiated earlier this year after joining the organisation in executive leadership roles. He served as the CEO at AsiaSat from 1993 - 2010 and as its Executive Chairman from 2010-2011. Speedcast announced its decision to recapitalize its business through voluntary Chapter 11 proceedings on April 23, 2020. Shaper has tendered his resignation to the Board, and the Board has accepted his resignation. ... Peter T. Shaper. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries. Through the Centerbridge buyout, Speedcast Chief Executive Peter Shaper and President Joe Spytek would stay as the company’s leadership, Speedcast said. CEO and Executive Director of Speedcast, Peter Shaper believes this is the right move the company, given the present challenges facing the industry. SPEEDCAST INTERNATIONAL LIMITED, et al., Debtors.1 § § § § § § § Chapter 11 Case No. In conjunction with chapter 11 petitions filed on behalf of … Terms of Use | Privacy Policy, Speedcast International Receives Revised Offers from Black Diamond and Centerbridge. On 23 April 2020, Speedcast filed for Chapter 11 bankruptcy. 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