London, England-based Avanti Communications Group filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 18-10458.
The Company, which sells satellite data communications services, is represented by Craig Price of Milbank, Tweed, Hadley and McCloy. Patrick Wilcocks is serving as foreign representative in the Company’s current proceeding in the High Court of Justice of England and Wales (Part 26 of Companies Act of 2006).
In December 2017, the Company entered into an agreement with noteholders representing approximately 62% of its outstanding 2021 notes and 55% of its outstanding 2023 notes and shareholders representing 34% of its existing issued share capital to implement a restructuring of the Company’s indebtedness. If implemented, this restructuring will substantially reduce the Company’s outstanding indebtedness, decrease its future interest expense and potentially raise new liquidity.
Avanti Communications Group recently reported pre-petition assets greater than $800 million.
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