Intelsat, currently managing its way as a Debtor in Possession of its Chapter 11 bankruptcy restructuring process, has asked its court to confirm its June 23rd appointment of a restructuring advisor.
Intelsat requested the bankruptcy court’s permission on July 2nd to retain Portage Point Advisors LLC to render independent financial advisory services at the sole direction of the Special Committee of Intelsat dis-interested directors.
Intelsat’s application states: “Portage Point is a business advisory and expert services firm whose professionals have significant experience in providing bankruptcy crisis management and consulting, and special financial advisory services. Portage Point’s professionals have provided strategic advice to debtors, creditors, bondholders, investors, and other entities in chapter 11 cases of similar size and complexity as these chapter 11 cases.”
The formal request to the court added: “Portage Point specialize in interim management, restructuring advisory, turnaround consulting, liquidity management, capital structure optimization, and refinancing support, among many other services. Portage Point’s debtor advisory services have included a wide range of activities targeted at stabilising and improving a company’s financial position, including developing or validating forecasts, business plans, and related assessments of a business’s strategic position, forensic analysis, and plan development and implementation, including negotiating financial restructuring packages.”
The company stated: “Intelsat S.A. believes that Portage Point has developed significant relevant expertise and knowledge regarding the unique circumstances of these chapter 11 cases and the needs of the Special Committee. For these reasons, Portage Point is both well qualified and uniquely suited to deal effectively and efficiently with matters that may arise in the context of these cases. Accordingly, Intelsat S.A. submits that the retention of Portage Point, is in the best interests of its estate, creditors, and all other parties in interest, and should be granted in all respects.”
Intelsat is suggesting that Portage Point’s fee are up to $905 per hour for a Managing Partner’s work, and range down to $560 per hour for a Portage Vice President and lower for an Associate’s work.