No delay for Intelsat’s bankruptcy exit
February 7, 2022
The trial between SES and Intelsat over how the FCC’s C-band ‘incentive payments’ are being distributed opens on February 7th. The court has set aside up to two weeks for the hearings before Intelsat’s Chapter 11 bankruptcy judge Keith Phillips.
However, last week the judge delayed an element of the trial dispute revolving around a witness requested by Intelsat (Mr James Murray) who would be arguing that any damages claim by SES be reduced. The judge ruled that Murray’s evidence can be delayed in order to be deposed by SES and for SES to themselves draw a new witness who would challenge the Murray evidence.
Despite this delay – and SES insiders say they no timetable yet for the delayed hearing – which in any event will finally depend on the availability of court time and the parties themselves. SES, and other experts following the overall cases do not anticipate the further legal manoeuvres delaying Intelsat’s exit from bankruptcy.
February 8th will see Intelsat hold a virtual Extraordinary General Meeting in Luxembourg where it will call on shareholders to vote to support and “Approve the sale and transfer of the entire issued share capital of Intelsat Holdings SA (“Holdings”), being an indirect subsidiary of the Company, by Intelsat Investment Holdings Sàrl (“Investment Holdings”), being a direct wholly-owned subsidiary of the Company, to Intelsat Emergence SA, a joint stock company (société anonyme) (“New Topco”).
Existing directors will resign, and new directors appointed. Fifty-seven quadrillion new shares will be issued (57,229,268,495,000,000).
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