The major Omnibus hearing on September 1st of Intelsat’s Chapter 11 bankruptcy reconstruction ended with Judge Keith Phillips approving Intelsat’s disclosure statement pending the company’s organising of a vote from creditors for Intelsat’s bankruptcy Amended Exit Plan.
According to the company some 80 per cent of Intelsat’s $15 billion of creditors holding its debt obligations are in favour of the proposed financial settlement. However, this excludes the holders of the company’s convertible notes. The proposal can now be put to a formal vote.
If the financial restructuring is eventually approved, Intelsat will see its debt cut by more than half.
The judge declined to give a ruling on SES’s request for a full trial over its $1.8 billion claim and has “taken his decision under advisement”.
Sources suggest a decision will emerge shortly.