As the song goes, the road may be long and there have certainly been a few twists and turns, but this week global satellite operator Iridium is celebrating 25 years of activity. The first connections to its orbital fleet took place on November 1st 1998 and then further satellite commercial connections took place on November […]
Lawyers acting for SES have submitted a detailed document to the Bankruptcy Court handling Intelsat’s Chapter 11 reconstruction. The move is made in response to a successful appeal by SES in its ‘breach of contract’ claim for about $421 million (€399.1m) and damages relating to the 50/50 agreement and share of the FCC’s C-band compensation. […]
Vice Media has formally filed for Chapter 11 bankruptcy protection. It is reported that the digital media and broadcasting company will now seek ‘Debtor in Possession’ financing and pursue a sale. The bankruptcy petition, filed at the Southern District of New York court, talks of debts to Fortress Credit of some $475 million (€436.7m), amongst […]
Virgin Orbit, currently going through a Chapter 11 Bankruptcy Protection, says there are 30 potential bidders to buy the business. Virgin Orbit is trading under ‘Debtor in Possession’ rules, with the operating cash provided by Sir Richard Branson’s overall holding company. Virgin Orbit, in a formal filing, says there are 30 “indications of interest” including […]
Virgin Orbit says it wants to exit its Chapter 11 bankruptcy protection by the end of May. The rocket-launching company moved into its ‘Debtor in Possession’ mode on April 4th with fresh cash (of $31.6 million) coming from Sir Richard Branson’s Virgin Investments company. Virgin Orbit, in a 78-page motion to its bankruptcy court, supplied […]
Virgin Orbit’s outgoing COO Tony Gingiss had some tough words for his fellow company leaders in a company-wide email obtained by news channel CNBC. The New York NASDAQ index is also suspending the company’s stock listing, effective April 13th. Although Gingiss doesn’t name CEO Dan Hart by name in his memo, or main backer Sir […]
The National Association of Television Program Executives (NATPE) is filing a court petition to restructure its business affairs under Chapter 11 bankruptcy. NATPE has cited the pandemic and being forced to cancel its flaghip trade show in 2021 and again in 2022 (replacing them with virtual events), and an event in Miami earlier this year. […]
Steven Serajeddini, a partner in giant US law firm Kirkland & Ellis, which represented Intelsat during its Chapter 11 restructuring, has explained to LevFin Insights how, as debtors’ counsel, they overcame many of the challenges faced by Intelsat during the process. He said that key to the settlement was consensus although it took “two hard-fought […]
Hill vs Silver Lake Group is the name for a consolidated Class Action against investors in Intelsat and alleging that some investors and individuals deliberately sold their share in Intelsat in November 2019 – prior to the company’s Chapter 11 bankruptcy as a result of inside information. The then chairman of Intelsat, David McGlade, is […]
June 30th saw Intelsat’s Chapter 11 bankruptcy confirm another stage in its overall exit from its financial reconstruction. Judge Keith Phillips signed off Intelsat’s Final Decree which affected dozens of “Affiliated Cases” and involving most of the Intelsat sister and subsidiary trading entities. A few cases remain pending and open to be resolved and include […]