“The plan provides for the reorganization of the debtors as a going concern with a deleveraged capital structure and sufficient liquidity to fund the debtors’ post-emergence business plan and continued clearing activities to enable the debtors to be eligible for the accelerated relocation payments,” the, The disclosure agreement also addresses the ongoing dispute between Intelsat and, Hughes Revenue up 3.8% in Q1, Despite 25K Subscriber Loss in the US, SpaceX Sticks the Landing on Starship Test, SES Yields Net Profits in Q1, Launches Share Buyback Program, Intelsat’s Gogo Commercial Aviation Acquisition Pays Off in Q1 Results, Firefly Closes $75M Series A Funding Round, Valuing Company at $1B, OneWeb, Hughes to Demonstrate LEO Connectivity for US Air Force Research Lab, Atlas Space Operations to Establish Five New Global Ground Stations, SES Wins US Defense, German Broadcast/Cloud Deals, EchoStar Mobile and Semtech to Test Satellite IoT Connectivity Service, SpaceX Launches 60 Starlink Sats, Lands Booster for 9th Time, Maxar Takes Hit from SiriusXM Satellite Loss, Pushes Legion Launch to Q4, Virgin Orbit Selects AVS to Build Ground Operating System at Spaceport Cornwall, Eutelsat Wins Global Eagle IFC North American Capacity Deal, VP Kamala Harris to Lead National Space Council, New Satellite Orders Drive Airbus Defence and Space’s Q1 Performance, Northrop Grumman Wins Contract to Build Solar Arrays for Airbus’ OneSat, Maxar Hires Chris Johnson of Boeing to Lead Space Programs Delivery, Viasat Completes Purchase of Euro Broadband Infrastructure, Senate Confirms Bill Nelson for NASA Administrator, L3Harris Reports Modest Gains in Q1 Tactical Satcom, Space Sales, Arianespace Launches Airbus Pléiades Neo Satellite in Vega Launch, Hispasat Makes Key Media Acquisition in Latin America, Northrop Grumman Space Sales Jump 29% in Q1, Brazil Taps Virgin Orbit to Establish Nation’s First Orbital Launch Capabilities, York Space Systems Introduces Larger, More Powerful LX-Class Spacecraft, Rocket Factory Signs OHB Cosmos Launch Deal, Secures Launch Site, Boeing Defense, Space & Security Sees Sharp Increase in Q1 Revenue, Inmarsat and Honeywell Partner on U.S. Government Solutions, ST Engineering iDirect Wins Ground Network Expansion Agreement in Brazil, FCC Approves SpaceX Request to Lower Starlink’s Altitude, Washington Post: Blue Origin Challenging NASA’s Lunar Lander Award to SpaceX, Rocket Lab to Build, Manage MethaneSAT Operations Control Center, Gilat Lands Deals with Telcos in Latin America and Japan, OneWeb Constellation Reaches 182 Satellites With Latest Launch, SSC Expands Coverage With 4 Polar Antennas, OQ Technology Signs Constellation Launch Deal with Spaceflight, Optical Link Japanese Startup Warpspace Closes $3.6M Series A Round, SpaceX Successfully Launches 3rd Crewed ISS Mission in Less Than a Year, Inmarsat Wins ESA Contract for Natural Disaster Early Warning System, LeoLabs’ Costa Rica Space Radar Facility is Now Fully Operational, Isar Aerospace Signs Launch Deal with Airbus Defence and Space, Northrop Grumman to Proceed With Protected Satcom Payload Prototype, Viasat Signs IFC Deal with Dutch Airline KLM, Virgin Orbit Wins HyperSat, QinetiQ Constellation Launch Contract, Dish Partners with AWS for Cloud-Based 5G Network, Spire Global Starts Space Debris Initiative With Findus Ventures, Iridium Adds Subscribers, Maintains 2021 Financial Guidance After Steady Q1, Quarterly Financials & Analysis – Premium Members, First Responder’s Guide to Satellite Communications, Satellite Technology of the Year Nominees, Satellite Industry & Cybersecurity – by Wind River, Transforming Satellite Communications – by SES. Intelsat S.A., et al. If you continue to use this site we will assume that you are happy with it. Intelsat filed for Chapter 11 on May 13, 2020, in order to restructure its debt so that it could participate in the FCC’s C-band clearing initiative and receive accelerated relocation payments for doing so. The Debtors’ proposed Plan is opposed by their largest creditor group constituency — the Jackson Crossover Group, which holds over 74 percent of the Jackson Unsecured Notes and over 46 percent ($6.9 billion) of the Debtors’ entire funded debt.”. Photo: Intelsat. The company said in a Feb. 12 announcement that the plan has the support of holders of approximately $3.8 billion of the company’s funded debt. The company. Intelsat files for Chapter 11 Bankruptcy Written by Jamie Davies 15 May 2020 @ 13:09 Intelsat has announced it will restructure its finances as it files for Chapter 11 Bankruptcy in the US Bankruptcy Court for the Eastern District of Virginia. While it moves as quickly as possible through the restructuring process, Intelsat’s day-to-day operations, engagement with customers and partners, and capital investments will continue as usual. You must be logged in to post a comment Intelsat is eligible to receive $4.87 billion, about half of the total payments, in addition to relocation cost reimbursement. Intelsat is considering a possible Chapter 11 bankruptcy filing if the FCC's decision on the 3.8 GHz band goes against the satellite company, a person close to Intelsat told Bloomberg. To facilitate the financial restructuring, Intelsat and certain of its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of … Intelsat is asking its Chapter 11 bankruptcy court for more time to deliver its exit plan from bankruptcy. Under the administration of the U.S. Bankruptcy Court for the Eastern District of Virginia, Intelsat is required to disclose, if not seek prior authorization for, just about every dime it spends, or stops spending. Intelsat is asking its Chapter 11 bankruptcy court for more time to deliver its exit plan from bankruptcy. The Company is filing a proposed Plan of Reorganization in its Chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, accompanied by an explanatory Disclosure Statement. Intelsat has reached a plan supported by some of its creditors to emerge from Chapter 11 bankruptcy with its debt cut by more than half – from nearly $15 billion to $7 billion. The company has requested a hearing on March 17, 2021 to seek court approval of the disclosure statement and establish procedures to solicit votes on the plan. The disclosure agreement also addresses the ongoing dispute between Intelsat and SES, in which SES filed a claim for $1.8 billion, alleging Intelsat breached fiduciary duties as part of the C-Band Alliance (CBA). Intelsat’s North America headquarters. Reflects direct costs incurred in connection with our Chapter 11 proceedings. Satellite operator Intelsat SA said late on Wednesday that it filed for Chapter 11 bankruptcy protection, making it the latest casualty of severe business … Reflects direct costs incurred in connection with our Chapter 11 proceedings. Intelsat filed for Chapter 11 bankruptcy on May 13, 2020. Moreover, the objectors say that other classes of debt, all of which are ‘junior’ in status, would receive “massive distributions” under the plan. Chapter 11 Petition by Intelsat SA, of Luxembourg; Intelsat Virginia Holdings LLC, of Virginia; Intelsat Connect Finance SA, of Luxembourg; Intelsat (Luxembourg) SA, of Luxembourg; Intelsat Envision Holdings LLC, of Luxembourg; Intelsat US LLC, of Virginia; Intelsat Investment Holdings Sarl, of Luxembourg; Intelsat Holdings SA, of Luxembourg; Intelsat Investments SA, of Luxembourg; Intelsat … Intelsat, one of the largest commercial satellite communications operators in the world, announced on 13 May 2020 that it is seeking Chapter 11 protections from its creditors in US bankruptcy courts. Intelsat has disputed the claim. Intelsat is eligible to receive $4.87 billion, about half of the total payments, in addition to relocation cost reimbursement. Intelsat's 5G airwave plan is dead, so the satellite firm may file for bankruptcy. Case Number: 20-32299 (KLP) Eastern District of Virginia. Intelsat General (IGC), which serves the company’s U.S. commercial, government, and Allied military customers, is not part of the Chapter 11 proceedings. According to the plan, 95% of the company’s new shares will go to Intelsat Jackson unsecured debt holders. ’s C-band clearing initiative and receive accelerated relocation payments for doing so. Intelsat’s operations and capital investments will continue as usual during the process. Intelsat has yet to formally apply for Chapter 11 bankruptcy and undoubtedly its situation is precarious and thus highly fluid although a bankruptcy restructuring is now widely expected given that it has declined to make interim interest payments on a 2024-due bond … Intelsat has filed a plan of reorganization after negotiations with creditors. said in a Feb. 12 announcement that the plan has the support of holders of approximately $3.8 billion of the company’s funded debt. Intelsat filed for Chapter 11 on May 13, 2020, in order to restructure its debt so that it could participate in the FCC’s C-band clearing initiative and receive accelerated relocation payments for doing so. Under the proposed exit plan, says the objectors, they would receive about 55 cents on the dollar in compensation which would be about $3 billion short of payment in full. The company needs to spend around $1.6 billion to clear the C-band spectrum, of which $1.2 billion will come due by next year, according to Chapter 11 filings. Intelsat and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Wednesday in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division. One objection says: “On February 12, 2021, after approximately nine months in Chapter 11, a five-month exclusivity extension, and months of plan negotiations, the Debtors claimed to have achieved a “significant milestone” in these cases — the filing of a Chapter 11 plan. PARIS — Satellite fleet operator Intelsat reported a decline in revenue and adjusted EBITDA for the three months ending Sept. 30, with the EBITDA drop partly due to government traffic migrating to non-Intelsat satellites on contracts managed by Intelsat.. Intelsat expects to emerge from Chapter 11 in the second half of 2021. 05.05.2021 - Intelsat S.A. (the 'Company') (OTC: INTEQ), today announced financial results for the three months ended March 31, 2021. On May 13, 2020, Intelsat S.A. and certain of its subsidiaries (collectively, the “Company”) filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to position the Company for long-term success. Intelsat Jackson holds $11.75 billion of recognised debts. Intelsat General, which serves the company's U.S. commercial, government and allied military customers, is not part of the Chapter 11 proceedings, the company said. Back in October its 8.5 per cent interest bonds were trading at just below their 100 cents on the dollar issue price. on May 13, 2020, in order to restructure its debt so that it could participate in the. Intelsat says the additional time is necessary to ensure that it maintains control of its case, which is particularly complicated because of the dozens of subsidiary and sister businesses under various Intelsat names all of which are affected by the bankruptcy. According to the plan, 95% of the company’s new shares will go to Intelsat Jackson unsecured debt holders. The Company is filing a proposed Plan of Reorganization in its Chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, accompanied by an explanatory Disclosure Statement. Intelsat has attempted to … The objectors are asking the bankruptcy court to deny more time and instead for the court to focus on Intelsat Jackson where the company’s assets are held. First quarter revenue was $502.8 million First quarter net loss attributable to Intelsat S.A. was $174.9 million First quarter Adjusted EBITDA of $275.0 million or 55% of revenue Logo von Intelsat 2001 Logo von 1978–1994 Intelsat Satellitengenerationen. (Image credit: Northrop Grumman) Satellite operator Intelsat, which launched the world's first … Intelsat is eligible to receive $4.87 billion, about half of the total payments, in addition to relocation cost reimbursement. Intelsat’s bonds, already significantly depressed in value, fell dramatically April 14th as news of a contemplated Chapter 11 restructuring emerged. Intelsat has filed a plan of reorganization after negotiations with creditors. Search Claims. See Item 1, Note 2—Chapter 11 Proceedings, Ability to Continue as a … They allege that Intelsat has “painted itself into a corner” and have created a logjam. According to the disclosure statement, the trial on the SES proof of claim has been scheduled to be heard by the bankruptcy court beginning on June 28. Intelsat, one of the leading satellite communications companies in the world, filed for bankruptcy on Wednesday. Intelsat has filed for Chapter 11 bankruptcy, a move to "position the company for long-term success. Intelsat said the restructuring process is intended for its liquidity, and expects the proceedings to result in a substantial reduction of the company’s legacy debt burden. Financial Restructuring Objectives On May 13, 2020, Intelsat and certain of its subsidiaries voluntarily filed for Chapter 11, which allows companies to restructure their finances through a court-supervised process while continuing to operate the business as usual. has reached a plan supported by some of its creditors to emerge from Chapter 11 bankruptcy with its debt cut by more than half – from nearly $15 billion to $7 billion. Search Court Docket. “Scorched Earth” accusation in Intelsat claim, Intelsat issues bankruptcy restructuring plan, Data: Linear TV ad impressions rising in UK, Study: Limited SVoD access aids piracy growth, Stingray names Riley President of US Operations, Comcast: Video #1 Internet traffic driver, RTL Q1: Streaming services accelerate growth, UK creatives, social media agree new anti-piracy measures. Login, Copyright Advanced Television Ltd © 2001–2021. operates in Information, filed for Chapter 11 bankruptcy on May 13, 2020 in Virginia Eastern Court with liabilities of 10B To 50B and 5001 To 10000 creditors Intelsat General (IGC), which serves the Company’s U.S. commercial, government, and Allied military customers, is not part of the Chapter 11 proceedings. But this is not as much of an achievement as the Debtors purport it to be. Global satellite operator Intelsat has voluntarily filed for Chapter 11 bankruptcy protection, the company announced late on Wednesday. Voluntary Petitions First-Day Pleadings Plan & Solicitation Schedules and Statements Open email model. But ultimately the Chapter 11 filing should help the company collect … Therefore, says the objectors, the current plan is “dead in the water”. A hearing scheduled for April 14th will see Judge Phillips asked for more time. “While the ultimate resolution of the claim is not currently predictable, if there is an adverse ruling, the ruling could have the effect of significantly diluting the recoveries of certain holders of claims against the debtors,” the disclosure statement reads. We use cookies to ensure that we give you the best experience on our website. With its Chapter 11 filing in Virginia, the Luxembourg-based company said it lined up $1 billion in financing to fund operations during bankruptcy … PARIS — Like all bankruptcies, Intelsat’s Chapter 11 reorganization throws into public view a wealth of information about the company’s internal functioning and priorities. As previously reported, on May 13, 2020, Intelsat S.A. (the “ Company ”) and certain of its subsidiaries (together with the Company, the “ Debtors ”) commenced voluntary cases (the “ Chapter 11 Cases ”) under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia. “The plan provides for the reorganization of the debtors as a going concern with a deleveraged capital structure and sufficient liquidity to fund the debtors’ post-emergence business plan and continued clearing activities to enable the debtors to be eligible for the accelerated relocation payments,” the disclosure statement reads. This move is being objected to by various interested parties and in particular debt-holders to Intelsat businesses. Intelsat S.A., et al. A hearing scheduled for April 14th will see Judge Phillips asked for more time. Intelsat's share price at last check dropped 36% to 51 cents after the Luxembourg satellite company said it had filed for Chapter 11 bankruptcy protection in federal court in Virginia. The company has requested a hearing on March 17, 2021 to seek court approval of the disclosure statement and establish procedures to solicit votes on the plan. Intelsat ist ein 1964 gegründetes Technologieunternehmen mit Sitz in ... Im Mai 2020 erklärte sich Intelsat in den USA für zahlungsunfähig und beantragte Gläubigerschutz nach Chapter 11.
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