Jan 22 (Reuters) - Speedcast International Ltd SDA.AX :
* SPEEDCAST ANNOUNCES CONFIRMATION OF PLAN OF REORGANISATION
* U.S. BANKRUPTCY COURT FOR SOUTHERN DISTRICT OF TEXAS CONFIRMED CO AND CERTAIN OF ITS AFFILIATES' PLAN OF REORGANISATION
* CONFIRMATION CLEARS PATH FOR CO TO SUCCESSFULLY COMPLETE CHAPTER 11 PROCESS
* FINAL REGULATORY APPROVALS AND CUSTOMARY CLOSING CONDITIONS EXPECTED BY END OF Q1 OF 2021
* JOE SPYTEK WILL TAKE ON ROLE OF SPEEDCAST'S CEO
* UNDER TERMS OF PLAN, SPEEDCAST IS SET TO EMERGE WITH A NEW USD $500 MILLION EQUITY INVESTMENT FROM CENTERBRIDGE
* PLAN DOES NOT CONTEMPLATE ANY RECOVERY FOR EXISTING SHAREHOLDERS, WHO WILL NO LONGER HAVE INTEREST IN REORGANISED CO
* EXPECT CO WILL BE PLACED INTO EXTERNAL ADMINISTRATION FOLLOWING EFFECTIVE DATE OF PLAN
* EQUITY INVESTMENT FROM CENTERBRIDGE TO BE USED IN PART TO REPAY $285 MILLION DEBTOR-IN-POSSESSION FINANCING
* EQUITY INVESTMENT FROM CENTERBRIDGE TO BE USED IN PART FOR PERMANENT REDUCTION OF $634 MILLION SENIOR SECURED DEBT OF CO