PARIS — The U.S. court handling the Chapter 11 bankruptcy of mobile satellite services provider Speedcast approved a previously confidential, pre-bankruptcy agreement between Speedcast and its largest unsecured creditor, Intelsat.
Under the agreement, Speedcast agreed to make a one-time, $24 million payment into a special account that Intelsat is permitted to draw on only in exchange for providing satellite-bandwidth service to Speedcast through June 30.
The agreement was signed April 21, just two days before Speedcast filed for Chapter 11 protection with . . .
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