Inmarsat Rejects Oaktree’s Push to Delay Court Hearing

https://dailyalts.com/wp-content/uploads/2019/11/57e0d3404e56ae14ea898579ce203e7c1d22dfe054537841702979d5_640.jpg

Some investors believe the FCC may issue a ruling that increases the value of the British satellite company

Oaktree Capital had requested a delay to a takeover court hearing around the takeover of Inmarsat. The British satellite company, however, rejected the delay for the November 12 meeting. Oaktree wants greater insight into the status of Inmarsat’s U.S. spectrum holdings.

In March, a private equity-led consortium announced plans to purchase Inmarsat for $6 billion. Private equity firms Apax and Warburg Pincus and two Canadian pension funds beat out other bidders like EchoStar. However, Oaktree Capital – which owns about a 2.85% stake in the British firm – wants to delay.

Howard Marks’ company believes that the Federal Communications Commission will soon make a ruling on U.S. airwaves that might impact Inmarsat’s value. At the moment, the firm Ligado leases the spectrum. Ligado has asked the FCC to adjust the way that it can use it.

Rubric Capital Management Supports Oaktree Capital

Meanwhile, on Tuesday, Rubric Capital Management, which owns 2.2% of Inmarsat sent a letter to the firm’s board of directors.

“In summary, we agree with Oaktree’s assessment: there has been a material change with respect to the applications by Ligado Networks for approval by the United States Federal Communications Commission to deploy its spectrum capabilities in furtherance of its transition to a 5G network,” the company said. “As a result, there is now a very real possibility of a significant increase in the value of the Company in the near term.”

The firm also asked the board of directors to delay the court hearing.

Related: Peter Thiel’s VC Firm is Suing “Winnie Cooper’s” Sister

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/08/bitcoin-2582593_640.jpg
Digital Assets: Coinbase to Allow Loans Against Bitcoin Holdings
August 14, 2020     Digital Assets, Latest News, News

This should be another shot in the arm for bitcoin adoption. Liquidity of holding is a much-desired feature of any asset, and U.S. digital assets exchange Coinbase is pulling out…

https://dailyalts.com/wp-content/uploads/2020/08/Solar.jpg
FinTech/ESG: Solar Financier Loanpal Ties Up With Blackstone for $300M of Solar Loans
August 14, 2020     ESG and Sustainability, FinTech, Latest News, News

Loanpal, the fintech that is a market leader in financing of residential solar installations, announced Thursday that Blackstone (NYSE: BX) had committed to invest $300 million in solar loans originating…

https://dailyalts.com/wp-content/uploads/2020/08/house-3963987_640.jpg
Alternative Investments: iCapital To Provide Alternative Investment Solutions to PGIM’s Retail Clientele
August 14, 2020     Alternative Investments, FinTech, News

PGIM Investments is the retail distribution arm of PGIM, Inc, the $1.4 trillion investment management business of Prudential Financial, Inc. (NYSE: PRU). It has tied up with iCapital Network, a…

https://dailyalts.com/wp-content/uploads/2020/08/bkqmjwefwejflwmnkpyi-impossible-scaled.jpg
Venture Capital: Impossible Foods Raises $200M; Vegan Pork On The Way
August 14, 2020     News, Venture Capital

Impossible Foods, the plant-based meat startup, announced Thursday its Series G round raise of $200 million. The investment round was led by new investor Coatue Management LLC. It saw participation…