Jan 22 (Reuters) - Speedcast International Ltd (SDA) :...

Jan 22 (Reuters) - Speedcast International Ltd (SDA) :

• SPEEDCAST ANNOUNCES CONFIRMATION OF PLAN OF REORGANISATION
• U.S. BANKRUPTCY COURT FOR SOUTHERN DISTRICT OF TEXAS CONFIRMED CO AND CERTAIN OF ITS AFFILIATES' PLAN OF REORGANISATION
• CONFIRMATION CLEARS PATH FOR CO TO SUCCESSFULLY COMPLETE CHAPTER 11 PROCESS
• FINAL REGULATORY APPROVALS AND CUSTOMARY CLOSING CONDITIONS EXPECTED BY END OF Q1 OF 2021
• JOE SPYTEK WILL TAKE ON ROLE OF SPEEDCAST'S CEO
• UNDER TERMS OF PLAN, SPEEDCAST IS SET TO EMERGE WITH A NEW USD $500 MILLION EQUITY INVESTMENT FROM CENTERBRIDGE
• PLAN DOES NOT CONTEMPLATE ANY RECOVERY FOR EXISTING SHAREHOLDERS, WHO WILL NO LONGER HAVE INTEREST IN REORGANISED CO
• EXPECT CO WILL BE PLACED INTO EXTERNAL ADMINISTRATION FOLLOWING EFFECTIVE DATE OF PLAN
• EQUITY INVESTMENT FROM CENTERBRIDGE TO BE USED IN PART TO REPAY $285 MILLION DEBTOR-IN-POSSESSION FINANCING
• EQUITY INVESTMENT FROM CENTERBRIDGE TO BE USED IN PART FOR PERMANENT REDUCTION OF $634 MILLION SENIOR SECURED DEBT OF CO