LOS ANGELES, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Global Eagle Entertainment Inc. (“Global Eagle” or the “Company”), a leading provider of media, content, connectivity and data analytics to mobility end-markets across air, sea and land, today announced that the U.S. Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the Company’s assets to a group comprising the Company’s first-lien investors (the “Investor Group”). As a result of the sale, Global Eagle will reduce its total debt by approximately $475 million and obtain significant additional liquidity, positioning it to continue driving long-term innovation and growth.

As previously announced, the Investor Group comprises Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management, L.P., Mudrick Capital Management, Sound Point Capital Management, Carlyle Group, or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock Financial Management, Inc., among others. The sale is not expected to have any material impact on Global Eagle’s operations, and the Company is continuing to support its customers around the world with best-in-class media, content and connectivity solutions for aviation, maritime, enterprise and government mobility end-markets.

“We are pleased to be moving ahead with a sale to the Investor Group, which will enable Global Eagle to achieve a stronger balance sheet, significantly reduce our debt and substantially increase liquidity,” said Joshua Marks, Chief Executive Officer of Global Eagle. “We are confident this is the best path forward for our company and our stakeholders as we continue providing our airline, cruise line and other customers with high-speed WiFi and engaging content, enabling them to connect millions of people anywhere, anytime. I would also like to thank our employees for their continued dedication to supporting our customers as they plan for the COVID-19 recovery and beyond.”

The sale, which is subject to certain customary closing conditions and regulatory approval, is expected to close by the first quarter of 2021.

For additional information regarding Global Eagle’s restructuring and sale process, please visit at www.ConnectWithGlobalEagle.com.

Latham & Watkins LLP is serving as the Company’s legal counsel. Greenhill & Co., Inc. is serving as the Company’s financial advisor and Alvarez & Marsal is serving as the Company’s restructuring advisor.

About Global Eagle Global Eagle is a leading provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. With approximately 1,100 employees and 30 offices on six continents, the Company delivers exceptional service and rapid support to a diverse customer base. Find out more at: www.GlobalEagle.com.

Contacts: Investors Peter A. Lopez Vice President, Finance and Investor Relations +1 310-740-8624 investor.relations@GlobalEagle.com

Media Michael Freitag / Aura Reinhard Joele Frank, Wilkinson Brimmer Katcher +1 212-355-4449

Forward-Looking Statements Certain statements in this press release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the impact of our filing for bankruptcy protection under Chapter 11, including on our relationships with our stakeholders, our proposed restructuring activities and proposed asset sale, operating-expense and cost structure improvements and reductions and our ability to execute and realize the benefits of the proposed restructuring and proposed asset sale, our cost-savings plans, financial covenant compliance, margins, profitability, future efficiencies, liquidity, ability to generate positive cash flow from operating activities, and other financial and operating information. The words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.

Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors.

The forward-looking statements herein speak only as of the date the statements are made as of the filing date of this press release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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