Chris Forrester is one of the most experienced and highly regarded journalists in the field. His insight and analysis, particularly in the satellite and pay-TV arena, is highly prized. He has written for all the major business journals in the sector as well as several national newspapers.
Intelsat’s last-minute set of reorganisation agreements, the 6th Supplemental Declarations, as part of its Exit Plan reached on December 16th with some of its – relatively modest – remaining creditors should now enable the satellite operator to fully emerge from bankruptcy early in the New Year. There are some legal hurdles ahead, not least the […]
Judge Keith Phillips, on December 16th, approved Intelsat’s plan for the settlement of much of its indebtedness prior to its May 2020 Chapter 11 bankruptcy. The bottom line is that the agreement reduces Intelsat’s old debts of about $16 billion by more than half thanks to the acceptance of the company’s new Plan of Reorganisation. […]
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 […]
Intelsat’s Chapter 11 bankruptcy reconstruction has cost the business some $200 million in legal and professional fees. The end might now be in sight, but there will still be arguments on the exact shape of the new business, and Judge Keith Phillips will still be reviewing documents well into the New Year. Intelsat entered into […]
The bankruptcy court in the Intelsat review and confirmation of its Exit Plan heard that a number of issues previously considered contentious have “been narrowed” according to Steven Serajeddini, a restructuring partner at Kirkland & Ellis, who are acting for Intelsat in the case. The court heard that the parties want to wrap the discussions […]
December 10th saw a submission entered into Intelsat’s Chapter 11 bankruptcy hearing which used the phrase ‘actio pauliana’, which translates as meaning ‘designed to protect creditors from fraudulent legal transactions’. The phrase was used by Luxembourg lawyer, Yann Hilpert, in his declaration to the court. He said that under Luxembourg law, an actio pauliana is […]
Tim Farrar of TMF Associates says the recent “breathless” valuations for SpaceX (ranging from between $80 billion to $100 billion) are inconsistent. He says the quoted company valuations have near-tripled over the past year, and with SpaceX’s share price – albeit privately held – rising from about $200 per share to $560 over the same […]
Steve Spengler, Intelsat’s CEO, firmly denies being the conduit for any alleged insider trading information over the sale of Intelsat stock by certain shareholders and the company’s chairman Dave McGlade. It has been alleged that two major investors, and Intelsat’s chairman Dave McGlade, sold in total some $260 million (€230m) of Intelsat stock ahead of […]
Judge Keith L. Phillips opened the formal hearings into Intelsat’s Chapter 11 exit plan. The process is scheduled to last about 10 days. Around 216 lawyers and observers attended the Zoom meeting for sessions which were described as “complex”. The court was told that more than 90 percent of claimants against the various Intelsat entities […]
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