There is an air of optimism, of relief emanating from the C-Suite at Global Eagle this week. And, to be sure, a realization that massive amounts of work remain for the company to truly succeed, but a conversation with CEO Josh Marks and President Per Noren suggests massive optimism now that the company’s interest payment burdens halve thanks to an agreement to convert debt to equity through the Chapter 11 bankruptcy filing made on Tuesday.
It is going to become very clear now who the long term winners are going to be because they’re the ones going through this process quickly with the right deep pockets behind them, to come out swinging on the other side of the restructuring.
Any question about whether we’re going to be here for the long term just got an answer. Right now the question is: What will our business look like five years from now and how do we take advantage of our new capital structure and an ability to make new investments.
– Global Eagle CEO Josh Marks
Marks is clear that, while the lenders took a haircut on their prior investments, the goal of the restructuring is not to “jam our suppliers” on contracts. That had been previously addressed through changes made over the past year, “Our problem was not cost structure but balance sheet.” And now, with the balance sheet challenges addressed, the company is ready to push forward with a long-term view of the market and opportunities ahead.
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Global Eagle refocuses on long-term outlook – PaxEx.Aero - PaxEx.Aero
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