A group of Vice’s lenders led by Fortress Investment Group looks set to take over Vice Media after the consortium’s $225 million (€206.9m) offer for the bankrupt company emerged as the only ‘qualified’ bid, according to a legal filing. An auction scheduled for June 22nd was cancelled and a hearing to approve the sale of […]
The joint-venture OLED development business, JOLED, owned by Panasonic and Sony has filed for bankruptcy in Japan. Its debts are 33.7 billion Yen (around €236m). JOLED’s troubles are seen as part of the long decline of Japan’s display industry, which has undergone repeated realignments to try to compete with South Korean and Chinese rivals. The […]
Intelsat’s Chapter 11 bankruptcy reconstruction has seen the court-appointed Fee Examiner look at every invoice submitted during the three-month period of June 1st-August 31st 2021 by Intelsat’s various professional advisers and advisors to Intelsat’s shareholders and other key parties. The Examiner has trimmed just about every monthly/quarterly billing summary. The Examiner’s work is routine although […]
Amidst all the mayhem of its bankruptcy, Intelsat revealed to the Securities & Exchange Commission that Samer Halawi, its Chief Commercial Officer, is to leave at the end of the year. Halawi follows CEO Steve Spengler in stepping down. Halawi will receive a lump sum payoff of $1.18 million under the company’s employee incentive scheme. […]
Elon Musk’s SpaceX team postponed the planned December 1st launch of another batch of Starlink satellites for 24-hours until around 6pm (Florida time) on December 2nd. However, Musk was again Tweeting over his concerns about raising more capital and the potential risk of failure. “If a severe global recession were to dry up capital availability […]
Chinese Group Orient Hontai is set to increase its share of in Spanish TV group Mediapro to 76 per cent in exchange for a €620 million injection to save the group from bankruptcy. Some €150 million will be paid immediately through subordinated debt. The additional €470 million will then be approved by a shareholding meeting […]
Last week Australia-based Speedcast (in bankruptcy reconstruction) struck an agreement with Intelsat (in Chapter 11 bankruptcy) which will see Speedcast continue its relationship with Intelsat over the next 15 months and pay what it owes to Intelsat. Speedcast owed Intelsat $45 million of old pre-bankruptcy invoices and will pay $24 million to cover obligations through […]
SES Americom, the US division of the Luxemburg-based satellite operator, is seeking $1.8 billion (€1.5bn) in damages from Intelsat which is in bankruptcy. SES is alleging that Intelsat has breached the contract between the two operators which was agreed to handle the sale of C-band frequencies over the US. The SES filing, lodged on July […]
June 26th is ‘Bidding Day’ for OneWeb’s assets. Would-be buyers have to enter their bids for OneWeb, which is in bankruptcy. If no – or inadequate – bids are entered, then the process goes forward to an auction of assets on July 2nd. The UK government is widely reported to have joined a consortium bidding […]
The US Trustee, which is supposed to protect smaller shareholders and investors, has determined that an equity committee of common shareholders with Intelsat stock was not needed at this time but that it reserved the right to revisit the issue in the future as the bankruptcy continues. Seventy-three shareholders had combined (with some 2.3 million […]