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 […]

Intelsat’s Chapter 11 bankruptcy court on December 9th heard detailed evidence from one of its reconstruction financial advisors. This was Day 4 of a probable 10-day legal process to see Intelsat’s exit from bankruptcy approved. However, the expert was challenged as to whether he had examined alternate methods to exit bankruptcy. Also, on December 9th, […]

In truth, Intelsat’s bankruptcy has been criticised by investors and creditors since Day One of its Chapter 11 process. But November 17th saw a slew of extra motions tabled and due to be heard on December 2nd by the court. In essence, the documents call for Intelsat’s Amended Exit Plan to be rejected. Most of […]

It is alleged by Intelsat’s legal team that SES has engaged expert witnesses with at least one of them promised a “recovery-based” contingent fee tied directly to his testimony. The lawyers state that such fees in return for expert testimony is illegal. “Such an arrangement violates clear public policy, including the ethical rules governing lawyers […]

Judge Keith Phillips, presiding over Intelsat’s Chapter 11 bankruptcy reconstruction, has rejected the call for an independent examiner to be brought in. The request was made by a small group of equity shareholders to investigate claims of potential mismanagement and other ways to bring in more money for creditors that they say the company has […]

A large set of documents have been sent to all parties involved in the Chapter 11 bankruptcy reconstruction of Intelsat. Back on September 7th the bankruptcy court handling Intelsat’s affairs issued an order that the Confirmation Hearing on Intelsat’s ‘Disclosure Statement’ and latest ‘Plan of Reorganisation’ from bankruptcy will commence on November 8th. The documents […]

International satellite communications specialist Speedcast has emerged from its Chapter 11 bankruptcy restructuring. The Australian-headquartered business, in a statement, said: “[Speedcast] has emerged from the Chapter 11 process under new ownership with no secured debt and a healthy cash balance. Speedcast successfully completed the comprehensive restructuring on March 11th after receiving a $500 million equity […]

A motion lodged on March 12th, into the US bankruptcy court handling Intelsat’s Chapter 11 bankruptcy reconstruction, argues that one group of claimants on Intelsat’s debt promises is adopting a “scorched Earth” litigation policy in order to “extract an unjustified degree of leverage in these cases.” The motion was filed by the trustees for the […]