Unconfirmed reports, sourced from financial analyst and data company Debtwire, suggest that Intelsat might be exploring relocation cost financing, and that the company’s unsecured bond-holders have hired a law firm.
The news prompted a 57 per cent rise in Intelsat’s share price on April 8th, to $1.65 (from $1.05) and at one point during the day, hit $1.82 per share.
Intelsat is heavily indebted with some $14 billion in debt and borrowings.
The news comes with a further batch of Class Actions launched against certain major shareholders in the satellite company.
As we have reported, there has been little visibility over the past two months as to what Intelsat’s intentions are. It could receive some $5 billion as a result of a planned FCC auction of some of its C-band spectrum, but to qualify for that payment, it has to take part in the auction.
Intelsat’s last quarterly earnings report was issued on February 20th. Its next report, for Q1, is expected about mid-May