(Bloomberg) -- Global Eagle Entertainment Inc., a provider of in-flight WiFi and related services, filed for bankruptcy in Delaware with plans to sell itself to its lenders.

The Chapter 11 filing allows Los Angeles-based Global Eagle to continue operating while it gets court approval for a plan to repay creditors. The company listed assets of $630.5 million and debt of $1.09 billion in its bankruptcy petition. It employs about 1,100 workers.

Global Eagle plans to sell itself to an investor group including Apollo Global Management, Eaton Vance Management, and certain funds and accounts managed by BlackRock Financial Management, according to a company statement. The deal is worth $675 million, Global Eagle said, and will cut its total debt by about $475 million.

The company sells internet, media content and data analytics to airlines and cruise lines, among others, which have been devastated by Covid-19. Aviation, one of Global Eagle’s largest customer segments, isn’t expected to see a substantial recovery in passenger traffic until 2023, according to S&P Global Ratings, while major cruise lines have suspended operations through mid-September.

The investor group is giving Global Eagle an $80 million bankruptcy loan, according to the statement. The group also includes Arbour Lane Capital Management LP, Sound Point Capital Management and Mudrick Capital Management.

The $675 million offer will be structured as a so-called stalking horse bid, setting a floor for a potential auction. Any sale or financing needs bankruptcy court approval.

The case is Global Eagle Entertainment Inc., 20-11835, U.S. Bankruptcy Court for the District of Delaware.

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