It is, most likely, the largest inflight connectivity company you’ve never heard of. But Saudi Arabia’s Neo Space Group (NSG) expects to quickly raise its profile over the year ahead.
Yahsat
Scratch another IFC player from the commercial market
The Dubai Air Show provided plenty of positive news in the in-flight entertainment and connectivity world this week, but also some bad news. A second player is now out of the commercial aviation connectivity business.
Global Eagle secures $80 million DIP financing in Chapter 11 bankruptcy filing
Global Eagle will restructure and recapitalize under Chapter 11 of the US Bankruptcy code. Substantially all of the company’s assets are to be acquired for $675 million, reducing total debt by approximately $475 million. The deal also includes $80 million in fresh debtor-in-possession financing to ride out the current downturn.
A mostly successful launch for SES, Yahsat, Arianespace
SES and Yahsat have more capacity in the sky thanks to an Arianespace launch last night. The launch suffered from anomalies after the second stage ignition and the satellites were not inserted where initially expected, though both companies report control of their assets.