Viasat, a global leader in satellite communications, announced that its subsidiary Inmarsat has agreed to a binding term sheet with Ligado Networks and AST & Science to settle Inmarsat’s opposition to Ligado’s planned restructuring. Under the conditions set forth in the term sheet, Viasat anticipates receiving $568 million from Ligado in fiscal year 2026, which will primarily be used to manage near term maturities and address its extended maturity profile.

Under the conditions of the term sheet, and subject to Bankruptcy Court approval, Inmarsat, Ligado and AST agreed to the following:

• Starting on September 30, 2025, Ligado will resume making quarterly payments of ~$16 million per quarter to Inmarsat. The quarterly payment amount increases 3% per year for the life of the contract (through 2107).
• Ligado will make a $420 million lump sum payment to Inmarsat on October 31, 2025.
• Ligado will pay a lump sum payment of $100 million to Inmarsat on March 31, 2026. Including the December and March quarterly payments, Inmarsat expects to receive a total of $568 million by March 31, 2026.
• Ligado’s lawsuit against Inmarsat is stayed effective immediately and will be dismissed under conditions set forth in the term sheet.
• Viasat’s considerable ability to provide essential mobile satellite services (MSS) globally remains unaffected. The agreement reflects Viasat’s continued commitment to facilitate innovation that enables new MSS services while ensuring the interference-free provision of existing services, including vital safety services.  The agreement also demonstrates the ability to introduce new satellite configurations within existing spectrum sharing terms that have provided critical stability in the industry for decades.

“We are pleased that our patient and disciplined approach to Ligado’s bankruptcy paid off, resulting in a positive outcome for Viasat and our employees, customers, and shareholders,” said Mark Dankberg, Chairman and CEO, Viasat. “We saw the opportunity of a favorable outcome when completing the Inmarsat acquisition and not only anticipated the potential of utilizing the cash proceeds from such an agreement to repay debt, which will soon further strengthen our capital position, but to also advance our growth strategy. To that end, we look forward to continuing our activities with the MSSA to ensure an open architecture, standards based multi-orbit approach to MSS based on continued cooperation mechanisms among MSS operators.”

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