Inflight TV provider Global Eagle Entertainment has filed for bankruptcy protection as airline and cruiseline travel collapses amid the coronavirus pandemic.
The chapter 11 filing by Golden Eagle — which has assets worth around $630.5 million and carries $1.08 billion in debt across first-lien and second-lien creditors — was made in a U.S.
bankruptcy court in Delaware. The application includes a "stalking horse" purchase agreement with secured lenders to kick-start a bidding process for company assets with an eye to Golden Eagle eventually emerging from bankruptcy protection.
Read more on hollywoodreporter.com
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