Ligado Networks LLC — Representation of an ad hoc group of crossholders of more than $4 billion in principal amount of debt and equity in Ligado Networks LLC (“Ligado”), a leading satellite communications company, in Ligado’s prearranged Chapter 11 case filed in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Ligado filed for bankruptcy with a restructuring support agreement (“RSA”) in place that is supported by holders of nearly 90% of the company’s $7.8 billion of aggregate funded indebtedness and a significant portion of its equity. The RSA provides for the conversion of existing debt into new preferred equity, the preservation of the existing interests in the capital structure below the new preferred equity, a commercial agreement with AST SpaceMobile Inc. in respect of spectrum usage rights, and the preservation of Ligado’s $39 billion takings claim against the U.S. government. In addition, the Bankruptcy Court approved a $940 million multi-draw debtor-in-possession credit facility funded in part by the ad hoc group of crossholders that provides Ligado with access to new money financing and will refinance certain of Ligado’s existing debt.
