Speedcast gets OK to sell Speedcast Managed Services assets to NBN

By Sarah Lizee

Olympia, Wash., Oct. 28 – Speedcast International Ltd. received approval for debtor Speedcast Managed Services Pty Ltd. to sell substantially all of its assets to NBN Co. Ltd., according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the total consideration to be paid by NBN is expected to be $12.7 million, subject to adjustment.

Speedcast Managed Services and the buyer had entered into a 10-year master equipment and services supply agreement on Feb. 2, 2018, under which Speedcast would design, build and manage NBN’s satellite services.

Generally, the sale transaction includes an agreed transition and in-sourcing to buyer of the services currently provided by Speedcast under the project, a purchase of the assets, a transfer of Speedcast Managed Services employees to NBN, an assumption of certain liabilities and contracts by NBN and the provision by Speedcast of certain transition services prior to completion under the transition agreement to assist NBN in-sourcing, the services currently provided by Speedcast.

Speedcast is an Australia-based provider of remote communication and IT solutions. The company filed bankruptcy on April 23, 2020 under Chapter 11 case number 20-32243.

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