Intelsat’s request to increase its Debtor in Possession (DiP) financing by a half billion dollars to a total of $1.5 billion was approved by its bankruptcy court on September 13th. The extra cash is structured as: – New DIP includes a $1.25 billion senior-secured term loan and a $250 million delayed-draw term loan at Libor […]
A major suite of creditors of Intelsat (the Ad-Hoc/Convert Group) and which hold Intelsat’s 4.5 per cent convertible notes due 2025, are reserving their rights in Intelsat’s bankruptcy case. In a filing to the court on September 3rd, the group of creditors say that Intelsat have “repeatedly touted their goal to try to build further […]
The major Omnibus hearing on September 1st of Intelsat’s Chapter 11 bankruptcy reconstruction ended with Judge Keith Phillips approving Intelsat’s disclosure statement pending the company’s organising of a vote from creditors for Intelsat’s bankruptcy Amended Exit Plan. According to the company some 80 per cent of Intelsat’s $15 billion of creditors holding its debt obligations […]
In another day of significant motions filed into Intelsat’s Chapter 11 bankruptcy reconstruction proceedings, one 44-page document explained Intelsat’s current position regarding objections filed by other litigants. Another, consisting of 325 pages, adds further details while a 170 page document covers the formalities of Intelsat’s potential exist plan. SES has a similar suite of filings. […]
It has long been a complaint from SES that Intelsat, in its complex Chapter 11 bankruptcy, is using associate and sister businesses to shift incoming cash (and in particular the so-called incentive payments from the FCC over the C-band reallocation of spectrum). SES describes the Intelsat action as playing a “shell game” and that Intelsat […]
On September 1st the Intelsat bankruptcy court is scheduled to hold a pre-trial hearing on the SES claim for a greater share of the FCC’s incentive payments due from the C-band clearing process and auction. SES, in a filing to the court on August 25th, is asking that the actual trial scheduled for September 20th […]
There are many pages of potential problems to be overcome by Intelsat as it proceeds towards its proposed Exit Plan from bankruptcy under its Amended Plan. But two Luxembourg entities figure largely in the 607-page filing to its US bankruptcy court on August 24th. The first is Intelsat arch-rival SES, very much based in Luxembourg, […]
Intelsat has told its Chapter 11 bankruptcy court that it has achieved the support of some of its major debt holders. Intelsat says that it could lead to a “comprehensive” financial restructuring that would reduce the operator’s debt by more than half – from almost $15 billion (€12.7bn) to $7 billion. The proposal, which comes […]
The August 19th application by Intelsat and SES to have much of their court arguments heard privately was granted by Intelsat’s Chapter 11 bankruptcy Judge. Despite a strong case submitted by the US Trustee, who argued that the two litigants were seeking to close the courthouse door during their submissions and that the public had […]
Both SES and Intelsat are seeking an expedited hearing and court approval for a ‘sealed session’ for an upcoming hearing on August 19th as part of the pair’s litigation in the overall C-band dispute to be heard on a confidential basis. The two litigants stated to Intelsat’s Chapter 11 bankruptcy court: “These [August 19] motions […]