NewSat Files for Bankruptcy Protection
Dover, Delaware, April 18, 2015--Startup Australian satellite operator NewSat Ltd. has filed for bankruptcy protection in the US state of Delaware. Control of the company transitioned from the executive team to bankruptcy managers who immediately filed a restraining order against NewsSat's creditors.
Jason Preston and Matthew Caddy of McGrathNicol have been appointed joint and several Receivers and Managers, and Stephen Parbery and Marcus Ayres of PPB Advisory have been appointed Voluntary Administrators (“Administrators”) to NewSat Limited (ASX Code: NWT) by its secured creditors on April 17, 2015.
The Receivers and Administrators are also appointed over the following NewSat subsidiaries: NSN Holdings Pty Ltd, NewSat Services Pty Ltd, Jabiru Satellite Holdings Pty Ltd, NewSat Space Resources Pty Ltd, NewSat Networks Pty Ltd, Jabiru Satellite Ltd
An emergency motion for temporary restraining order and a preliminary injunction have been granted under Chapter 15 of the Bankruptcy Code in the United States on a temporary basis.
“The Receivers’ immediate priority is to take control of the assets of NewSat, urgently assess its financial position and progress the capital raising activities recently commenced by the company,” Preston said. “In the interim, the operations of NewSat will continue on a business as usual basis,” he added.