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The US Bankruptcy Court for the District of Delaware has approved the sale of substantially all of Global Eagle’s assets to a group comprising the Company’s first-lien investors (the “Investor Group”).

The sale, which is subject to certain customary closing conditions and regulatory approval, is expected to close by the first quarter of 2021. As a result, Global Eagle will reduce its total debt by approximately $475 million and obtain significant additional liquidity.

The Investor Group comprises Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management, L.P., Mudrick Capital Management, Sound Point Capital Management, Carlyle Group, or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock Financial Management, Inc., among others.

“We are pleased to be moving ahead with a sale to the Investor Group, which will enable Global Eagle to achieve a stronger balance sheet, significantly reduce our debt and substantially increase liquidity,” said Joshua Marks, Chief Executive Officer of Global Eagle. “We are confident this is the best path forward for our company and our stakeholders as we continue providing our airline, cruise line and other customers with high-speed Wi-Fi and engaging content, enabling them to connect millions of people anywhere, anytime. I would also like to thank our employees for their continued dedication to supporting our customers as they plan for the COVID-19 recovery and beyond.”

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