Le Lézard
Classified in: Business

CORRECTED PRESS RELEASE - Seabras Group Subsidiaries Emerge from Chapter 11  

All Seaborn and Seabras Entities Consolidated Under Partners Group Ownership 

Interim CEO and CFO Appointed 

BOSTON, July 10, 2020 (GLOBE NEWSWIRE) --

Emergence from Chapter 11  

At a hearing on June 30, 2020, the U.S. Bankruptcy Court for the Southern District of New York confirmed the joint Plan of Reorganization (the "Plan") of Seabras 1 USA, LLC and Seabras 1 Bermuda Ltd. (the "Companies"). On July 07, 2020, the Companies consummated their financial restructuring process and emerged from Chapter 11.

Under the terms of the approved Plan and attendant restructuring, the total outstanding debt of the Companies has been reduced, the debt maturity has been extended by approximately six years to September 2028, the debt amortization has been re-shaped, and the debt covenants have been revised, all in a way that provides a solid basis for the continued growth of the business going forward. 


On July 07, 2020, Seabras Group, LLC and investment vehicles advised by Partners Group redeemed and acquired all of the Class A Units of Seabras Group, LLC previously held by a subsidiary of SNH Networks, LLC ("SNH"), resulting in 100% equity ownership of Seabras Group, LLC and its subsidiaries, including the Companies, (the "Seabras Group") now being held by entities managed by Partners Group on behalf of its clients. 

Also on July 07, 2020, Seabras Bermuda acquired from SNH 100% of Seaborn Management, Inc. ("Seaborn"), the third-party services provider that manages the day-to-day operations of the Seabras-1 cable, effectively bringing all support services in-house under the Seabras Group. 


Coincident with the consolidation and Chapter 11 emergence, Larry Schwartz, former CEO of Seaborn, and Roger Kuebel, former CFO of Seaborn, have left Seaborn and the Seabras Group.   

Pete Hayes and Don Shassian, Partners Group-appointed Board members, will serve as Interim CEO and Interim CFO, respectively, of the Seabras Group. Andy Bax, the Chief Operating Officer of Seaborn, will remain in the same role. 

About Seabras Group  

The Seabras Group is a developer-owner-operator of subsea fiber optic cable systems, including Seabras-1, the lowest latency subsea network between Brazil and the USA providing wavelength, Ethernet private line and IP services. The Seabras Group delivers industry leading SLA's and Seabras-1 provides the fastest direct path between the trading exchanges of Sao Paulo and New York.

About Partners Group
Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 130 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With USD 94 billion in assets under management as of 31 December 2019, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter

Naaz Bax, Head of Marketing
Seaborn Networks 

These press releases may also interest you

at 04:05
Cedar Fair Entertainment Company , a leader in regional amusement parks, water parks and immersive entertainment, today announced results for its second quarter ended June 28, 2020, and provided an update on strategic actions being taken that are...

at 04:03
As Denver remains one of the nation's most exciting urban real estate markets with tremendous lifestyle opportunities, the much-anticipated grand opening month at Lakehouse on Sloan's Lake begins in August 2020. Lakehouse, designed by architects...

at 04:00
Today, YPO Africa, a global leadership community of chief executives, and Invest Africa, the leading trade and investment platform for Africa, announced that they have entered into a unique bilateral alliance. The key aim of this groundbreaking...

at 04:00
The partners are starting the project, which consists of three phases, with the goal of using a mobile modular static-synchronous series compensator (mSSSC) from Smart Wires in the Amprion grid. The "SmartValve" is designed to ensure power lines are...

at 04:00
ezPaycheck application is a desktop version payroll software from Halfpricesoft.com. The latest edition allows customers to process paychecks offline for those needing a higher security program. Eliminating the use of the internet to process payroll...

at 04:00
The Legal Aid Society, the City's largest provider of criminal defense and civil legal services, announced today that it is partnering with Uptrust, the social justice communication platform, to reduce the number of Failure to Appear (FTA) incidents,...

News published on 10 july 2020 at 17:20 and distributed by: