Shareholder legal action, a solicitation to join a class action lawsuit and falling stock have followed in the wake of executive resignations at Global Eagle Entertainment. Dave Davis has resigned as CEO, but continues with the company as a consultant. Tom Severson has resigned as CFO.
Avanti Communications’ latest refinancing has been classified as a distressed exchange by ratings agencies with Moody’s taking the view that allowing the British FSS operator to go bust at this point would have been in no one’s interest, least of all its bondholders. Speaking to SatelliteFinance, Moody’s senior analyst Alejandro Núñez said the restructuring constituted “two birds in the bush” for Avanti’s debt investors.
President Donald Trump has promoted Republican FCC commissioner Ajit Pai to head the US Federal Communications Commission. Pai will succeed Tom Wheeler who served as chairman during President Obama’s second term. A strong opponent of the net neutrality rules adopted in 2015, Pai is likely to reverse many policies and regulations adopted during the Obama administration.