Advanced Television

chapter 11

Intelsat: Judge allows Creditors vote on Exit Plan

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 […]

September 3, 2021

Intelsat: “Widespread but fragile consensus” achieved

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. […]

September 2, 2021

SES accuses Intelsat of “siphoning billions”

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 […]

September 1, 2021

SES demands trial on its Intelsat $1.8bn claim

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 […]

August 27, 2021

Intelsat bankruptcy exit at risk

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, […]

August 26, 2021

Intelsat reaches debt agreement

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 […]

August 25, 2021By Chris Forrester

SES vs Intelsat hearings: Public barred

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 […]

August 20, 2021By Chris Forrester

SES, Intelsat want August 19 ‘sealed’ hearing

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 […]

August 13, 2021

Intelsat Q2: Media revenue down

Intelsat’s Q2 numbers saw revenues for the quarter-year to June 30th at $507.86 million (€428m), up 5.4 per cent over last year’s $482.03 million same period. Intelsat is trading as a ‘debtor in possession’ (DIP) while it moves through its Chapter 11 bankruptcy reconstruction. Intelsat’s Media division revenue was $184.2 million (or 36 per cent […]

August 4, 2021By Chris Forrester

Intelsat bankruptcy exit plan adjourned

Intelsat, currently trading as a Debtor in Possession under Chapter 11 rules, has asked its bankruptcy court to start hearing its Disclosure Statement on August 11th. The original wish was for the hearing to take place on July 27th, but that now looks likely to be postponed until August 11th, given that 28 says notice […]

July 12, 2021