Ann: Speedcast to recapitalise through chapter 11, page-3

Some interesting paragraphs:

"The financial restructuring the Company is now undertaking will allow Speedcast to overcome the near-term headwinds it is facing as a result of pressures on its customers’ businesses. A significant percentage of the Company’s customers are in the maritime and oil and gas industries and have extended payment terms as they work to overcome significant industry pressures. The impact on Speedcast ’s business was further exacerbated as the COVID-19 pandemic spread worldwide and halted activities for Speedcast ’s cruise line customers. These dynamics made it impossible for Speedcast to complete its planned equity raise – or any recapitalization transaction – outside of the Court-supervised chapter 11 process."

- You were already in the shit guys.

"While chapter 11 is a sophisticated process intended to ensure that appropriate regard is had to the interests of all stakeholders, it is not yet clear whether the restructuring of the Company will result in any retention of value in the Company by its shareholders. The Company expects that its shares will remain suspended from trading until at least the end of the chapter 11 process."

- That's a big FU to all shareholders.