The submarine cable operator Seaborn Networks is back from its adventures in Chapter 11 after finding the subsea market between North and South Americas to be less strong than they originally projected. And it’s back with Partners Group in the catbird seat.
Seabras-1 was completed in 2017 entirely with private backing. Over this past winter, the subsidiaries of the company that actually owns the Seabras-1 cable system filed for BK with a plan to come through quickly and smoothly. The piece of the company that actually operated the asset remained separate from that process.
But in the mix there was talk of an effort by Partners Group, which held a piece of the debt involved, attempting to wrest control of the process away from management. Apparently, Partners Group persisted and whatever else happened they came away with all of Seaborn under their wing, both the pieces in BK and the pieces not.
Exactly what happened behind the scenes I don’t know, but in the end it doesn’t matter. Larry Schwartz and Roger Keubel have stepped down as CEO and CFO, with Pete Hayes and Don Shassian stepping into those roles in the interim. Andy Bax remains in the COO position. The debt has been reduced and its due date extended, and now we get to see what the next stage of life is for Seaborn.
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