October 12, 2020 – Speedcast International Limited has filed a Plan of Reorganisation and Disclosure Statement outlining the terms for its financial restructuring under chapter 11 of the United States Bankruptcy Code. The documents set out a clear and defined timeline for creditors to submit their votes in advance of a Plan confirmation hearing anticipated in December 2020. The Company expects to emerge in the first quarter of 2021, after receiving final regulatory approvals and customary closing conditions outlined in the Plan. Upon emergence, the terms of the Plan would provide Speedcast with a new $500 million equity investment, led by affiliates of Centerbridge Partners, L.P., and a reduction of all of the $634 million senior secured debt of the Company. The Plan has received the unanimous support of Speedcast’s Board of Directors and has the support of the Official Committee of Unsecured Creditors, which has issued a letter recommending that all unsecured creditors vote to accept the Plan.