Global Eagle Entertainment Inc., a provider of media and connectivity services across air, sea, and land, filed for Chapter 11 Bankruptcy on July 22.
The company hopes to sell itself to its lenders, which include Apollo Global Management and BlackRock, among others.
The Los Angeles-based company cited COVID-19 as a cause for its bankruptcy, according to its public statement. Airlines and cruise lines have halted or severely reduced operations in the wake of the pandemic.
“While we made important progress last year managing our cash flow and reducing operating expenses, we have been particularly impacted by COVID-19-related travel restrictions and demand declines in both airline and cruise end-markets. We expect to emerge from this process with a stronger balance sheet, significa...