Last week it was alleged by Intelsat’s lawyers that an expert witness retained by SES to provide advice in the Intelsat bankruptcy case should be excluded. Intelsat’s lawyers argued that James Millstein, co-chairman of Guggenheim Securities, had been retained on a contingent fee tied directly to his testimony. ‘Not so’ implied SES’s lawyers who commeneted: […]
Intelsat’s Chapter 11 bankruptcy court has denied a Motion from Intelsat’s lawyers to bar two expert witnesses from giving their evidence. In particular, SES had wanted to call Jane Mago as an expert witness in its dispute with Intelsat. Her evidence covers what the FCC orders and regulations mean. The second witness permitted to appear […]
Intelsat’s Chapter 11 bankruptcy reconstruction looks certain to go on well into 2022 before all the elements are wrapped up. Meanwhile, the lawyers acting for Intelsat have 118 staff members employed – in some degree or other – on the litigation. In a comprehensive 870-page filing into Intelsat’s bankruptcy court on November 1st the lawyers […]
Intelsat is inching towards its exit from its Chapter 11 bankruptcy reconstruction. Its bankruptcy court has now set the dates for the Confirmation Hearing of its formal Exit Plan. Intelsat’s lawyers issued its final Disclosure Statement – which can still be amended and modified – on October 17th. They had hoped to start the process […]
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 […]
It’s always lively at Intelsat’s Chapter 11 bankruptcy court. On September 24th, for example, there were 17 separate filings laid before the court. However, a key problem could be partially resolved on September 29th, when Intelsat’s bankruptcy court will be asked to appoint an external examiner to investigate the potential claims against Intelsat and the […]
SES, in a filing with Intelsat’s Chapter 11 bankruptcy court, says it wants Jane Mago as an expert witness in its dispute with Intelsat. Mago will speak as a witness on the general subject matter of her recent report which covers arguments regarding which Intelsat entity is entitled to any potential FCC accelerated relocation payments […]
Intelsat has used the New York Times and Wall Street Journal to publish warnings to investors of an upcoming court hearing to consider confirmation of its Chapter 11 bankruptcy reconstruction. The notice reminds investors that on September 7th Intelsat’s bankruptcy court entered an order which approved Intelsat’s disclosure and exit plan [from bankruptcy]. The court […]
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 […]