Intelsat’s court delays bankruptcy exit hearing
October 22, 2021
An Omnibus hearing on October 20th at the Intelsat bankruptcy court, under judge Keith Phillips, which itself had to postpone adjudicating on many of the matters scheduled to be heard, was told by the judge that Intelsat’s planned confirmation of its exit plan would likely have to be delayed.
Bankruptcy Judge Keith Phillips in Richmond, VA, said during a virtual hearing on Wednesday that he has “serious concerns about whether this can be accomplished in four days,” implying that the extensive evidence and testimony flowing around the case might take considerably longer that four days in front of the court.
The immediate suggestion from lawyers for Intelsat and other interested parties said they would discuss the judge’s suggested postponement of the hearing from the current November 8th start date to December 2nd.
Intelsat needs approval of the plan, which is a key stage to the satellite operator wrapping up its bankruptcy, which has been ongoing since May 2020.
Intelsat is looking to reduce its debt-burden of more than $15 billion to nearer $7 billion.