Advanced Television

chapter 11

Intelsat’s bankruptcy fees cost it $288m

Declaring Chapter 11 bankruptcy protection is an expensive and often risky decision. Certainly, the costs for Intelsat’s declaration to adopt Chapter 11 cost it two years of – at best – marking time, major changes to its management team and risks that it could be penalised over the long-running dispute with SES over the division […]

May 11, 2022

Intelsat emerges from Chapter 11

Intelsat has formally confirmed its emergence from Chapter 11 reconstruction. The satellite operator said it had emerged as a private company with a substantially strengthened capital structure to support its growth as the leader in satellite communications. This final milestone follows receipt of regulatory approvals, completion of certain corporate actions, and satisfaction of other customary […]

February 24, 2022

FCC approves Intelsat’s exit from bankruptcy

The FCC has approved Intelsat’s exit from Chapter 11 bankruptcy and the transfer of the ‘old’ company’s ‘debtor in possession’ (DIP) assets to the newly established parent business based in Luxembourg. The FCC’s International Bureau chief Thomas Sullivan said the transfer was in the public interest and approved the request. The FCC ruling explains the […]

February 21, 2022

SES vs Intelsat: Trial wraps

The SES vs Intelsat 50/50 trial over FCC C-band incentive payments has finished its initial examination and cross examination of witnesses. Far fewer witnesses were called by either party and consequently the hearings lasted just 6 full days instead of the 10-12 initially expected. Judge Keith Phillips ruled that both parties must submit their “findings […]

February 18, 2022

SES vs Intelsat week 2 update

The hearing of the litigation between SES and Intelsat in front of Judge Keith Phillips is now well into its second week. The dispute concerns the division of FCC ‘incentive’ payments. SES is claiming 50 per cent of the FCC’s allocation of payments, plus damages against Intelsat.. One of the many Intelsat lawyers on the […]

February 16, 2022

No delay for Intelsat’s bankruptcy exit

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 […]

February 7, 2022

SES vs Intelsat: Judge defers witness statement

Judge Keith Phillips, who is supervising Intelsat’s Chapter 11 bankruptcy exit as well as on-going litigation between SES and Intelsat over the division of the FCC’s C-band incentive payments, issued some key rulings in court on February 2nd. Phillips ruled that James Murray could be called as a witness on behalf of Intelsat and would […]

February 3, 2022

SES vs Intelsat 50/50 claim gets to court

February 2nd will see Intelsat’s Chapter 11 bankruptcy court hear the final pre-trial Motions and applications in the action whereby SES is seeking a 50/50 division of the FCC’s C-band incentive payments. Top of the list is the SES expedited hearing Motion to exclude the testimony of a proposed Intelsat expert witness (James Murray) who […]

February 1, 2022

Intelsat’s advisors have bills trimmed

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 […]

January 27, 2022

Would SES/Intelsat merger make sense?

The FT reports that as Intelsat emerges from its Chapter 11 bankruptcy reconstruction the satellite operator will lose its CEO Steve Spengler (who will leave with a pay-out of at least $4 million) but could also find itself open to a takeover. SES is mentioned as a potential buyer. The FT quotes analyst Armand Musey, […]

January 19, 2022