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ENT - Enterprise Metals News Story

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Basic Materials
Micro Cap
Market Cap £6.79m
Enterprise Value £6.68m
Revenue £1.91k
Position in Universe 1487th / 1830

BUZZ-Global Eagle Entertainment: Slips on filing for Chapter 11 bankruptcy protection

Wed 22nd July, 2020 2:04pm
** Shares of aircraft connectivity systems provider  ENT.O 
fall ~20% to $2.70 premarket 
    ** Co begins voluntary Chapter 11 proceedings for U.S.
entities and secures $80 mln in debtor-in-possession financing
    ** Co agrees on a stalking horse asset purchase agreement
for total consideration of $675 mln 
    ** Says assets to be acquired by an entity representing ~
90% of the co's senior secured first-lien term loans, led by
lenders managed by Apollo Global Management 
    ** Co expects to reduce its total debt by ~$475 mln and
obtain significant additional liquidity 
    ** Stock down 73% YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))
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