Voluntary Chapter 11 Proceedings
As part of the Chapter 11 proceedings, Buccaneer Energy has also reached an agreement in principle with its secured lender on certain critical elements of a plan of reorganisation that would result in the sale of substantially all of the Company's assets. If implemented as proposed, Buccaneer Energy anticipates this plan will enable it to satisfy obligations owed to its principal secured lender and other secured creditors, and conclude in an outcome that could result in some recovery for the Company's unsecured creditors. The Company does not intend to obtain debtor-in-possession (DIP) financing during the reorganisation as the Company expects to have sufficient cash on hand throughout the Chapter 11 proceedings to pay all of its post-petition obligations as they come due. Buccaneer will continue to operate and oversee its assets during and throughout the restructuring process.
The Company has also filed a variety of other customary "first day" motions with the U.S. Bankruptcy Court to enable it to continue to conduct business while it undertakes its reorganisation. These include motions providing for employees to continue to receive compensation and benefits in the ordinary course of business. The Company expects to file a motion with the U.S. Bankruptcy Court shortly seeking to set forth the process and timeframe within which it intends to sell substantially all of its assets.
Buccaneer Energy's legal advisor for the restructuring process is Norton Rose Fulbright, and its financial advisor is Conway MacKenzie.
About Beam Communications Holdings Ltd
Limited Beam Communications Holdings Limited (formerly World Reach Limited) is an Australian publicly-listed company that specialises in the design, development, manufacture and distribution of satellite, cellular and dual-mode equipment, applications and services. Its products and services are adopted by some of the world's largest satellite and telecommunications companies, such as Iridium, Telstra, KDDI, Inmarsat & Thuraya, to fill the global needs of Information Communication & Technology markets. Beam Communications Holdings Limited owns 100% of Beam Communications Pty Ltd and SatPhone Shop Pty Ltd www.satphoneshop.com. For more information, visit www.beamcommunications.com.
Beam Communications Holdings Ltd