Inmarsat Objects to Ligado's Chapter 11 Financing Terms
Viasat subsidiary Inmarsat is objecting to Ligado's proposed debtor-in-possession financing plan to keep it afloat during its Chapter 11 bankruptcy. The $115 million in financing from secured lenders comes with $110 million in fees -- a "highly objectionable" provision, Inmarsat…
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told the U.S. Bankruptcy Court for the District of Delaware in its objection Wednesday (docket 25-10006). Inmarsat said that with no official committee of unsecured rectors in the case, it must "fill the [role] of estate watchdog and ensure some adversarial process is effectuated to ensure that any DIP Financing is in the estate’s best interest." Ligado is suing Inmarsat in conjunction with its bankruptcy, claiming that Inmarsat failed to hold up its end of a deal regarding use of the L band (see 2501100001).