Last day for Intelsat confirmation hearing?
December 16, 2021
Judge Keith Phillips has set December 16th for what looks likely to be the final day set aside for Intelsat’s bankruptcy Exit Plan confirmation hearings. There will be other discussions, motions and legal manoeuvres but most observers expect this particular element of the bankruptcy exit process to wrap.
Judge Phillips has already set aside January 6th for his next Omnibus Hearing where the next stages of Intelsat’s Case Management will be examined and considered.
Intelsat’s lawyers have already submitted (on December 15th) formal notices to the court that the satellite operator is ready to structure its post-bankruptcy re-financing and pay off some of its debts and borrowings (‘The First Lien Notes Claims Settlement’) in cash as part of a $7.5 billion suite of new financing.
There remains much to still be resolved including the vexatious litigation between Intelsat and SES over the division of the FCC’s C-band clearance incentive payments. SES is claiming a 50/50 split of the FCC’s payments.