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 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.
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.