Advanced Television

chapter 11

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

Fitch: “Intelsat’s ratings positive”

Financial ratings agency, Fitch Ratings, has assigned its verdict on Intelsat’s capital restructuring. Intelsat is likely to emerge from its Chapter 11 bankruptcy reconstruction shortly and is already in the process of arranging fresh financing and borrowing. Fitch says it has assigned a ‘B+’ rating on Intelsat’s Jackson Holdings SA sister company with a ratings […]

January 17, 2022By Chris Forrester

Intelsat can clear final bankruptcy hurdles early in 2022

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 […]

December 20, 2021

Vewd files voluntary Chapter 11

Vewd Software, a provider of OTT software solutions, has come to an agreement with its senior lenders to position the company for continued success via a court supervised process that will result in deleveraging and improving its balance sheet. The restructuring of its balance sheet will be facilitated through a debt for equity exchange pursuant […]

December 17, 2021

SES drops $1.35bn claim against Intelsat

The opening day of Intelsat’s Chapter 11 bankruptcy exit plan Confirmation Hearing saw Judge Keith Phillips’ hear explanations from Steven Serajeddini, one of Intelsat’s lawyers, that SES would scrap its demand for Intelsat to pay “punitive damages” to SES of $1.35 billion (€1.19bn). The withdrawal of the claim means that Intelsat, as its part of […]

December 8, 2021By Chris Forrester

Intelsat formal hearings commence

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 […]

December 7, 2021

Intelsat bankruptcy hearings delayed

Eleventh-hour decisions to delay the formal hearing of Intelsat’s bankruptcy exit Confirmation Plan by a few days has been approved by its bankruptcy court. The Zoom-based hearings will now not commence until December 6th. The court has provisionally allocated 10 days for the hearings. The hearings themselves promise to be compelling with the court recently […]

December 3, 2021By Chris Forrester

SES: “Intelsat board deeply conflicted”

SES, in a motion submitted to Intelsat’s bankruptcy court, alleges that Intelsat is continuing to “disregard” the role and importance on Intelsat US as the rightful recipient of the FCC’s C-band incentive payment of more than $4 billion (€3.55bn). The problem – which the bankruptcy court has yet to rule on – is the dozens […]

November 26, 2021

Intelsat files revised Reorganisation Plan

Intelsat’s lawyers filed a revised Reorganisation Plan from its Chapter 11 bankruptcy into the court on November 19th. Intelsat and its associated businesses have debts of some $15 billion that it is seeking to halve. While this is a considerable sum it is modest when compared to the likes of Enron’s bankruptcy ($63 billion back […]

November 22, 2021