Bankruptcy: VIASAT INC
Form Type: 8-K
Filing Date: 2025-06-13
Corporate Action: Bankruptcy
Type: Update
Accession Number: 000119312525140346
Filing Summary: On June 13, 2025, Viasat, Inc. announced via a press release that its subsidiary, Inmarsat Global Limited, has reached a binding settlement term sheet with Ligado Networks LLC, AST & Science, LLC, and other parties. This agreement outlines the key terms of a consensual restructuring transaction in connection with Ligado’s Chapter 11 reorganization efforts. Under the agreement, Viasat expects to receive about $568 million from Ligado within its fiscal year ending March 31, 2026, meant primarily for managing short-term financial obligations and addressing its debt profile. Specific terms include: starting September 30, 2025, Ligado will resume quarterly payments of $16 million, with a 3% annual increase; a lump sum payment of $420 million is to be made by October 31, 2025; and an additional $100 million lump sum payment on March 31, 2026. Ligado's lawsuit against Inmarsat will be stayed immediately and dismissed under the conditions stipulated in the settlement.
Additional details:
Settlement Term Sheet: Binding agreement reached with Ligado Networks LLC and AST & Science, LLC.
Expected Payment: Approximately $568 million expected from Ligado.
Quarterly Payments: Resuming on September 30, 2025, $16 million per quarter, increasing 3% annually.
Lump Sum Payment 1: $420 million due October 31, 2025.
Lump Sum Payment 2: $100 million due March 31, 2026.
Litigation Status: Ligado lawsuit against Inmarsat stayed and will be dismissed.
Comments
No comments yet. Be the first to comment!