Advanced Television

chapter 11

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

Intelsat appoints restructuring advisors

Intelsat, currently managing its way as a Debtor in Possession of its Chapter 11 bankruptcy restructuring process, has asked its court to confirm its June 23rd appointment of a restructuring advisor. Intelsat requested the bankruptcy court’s permission on July 2nd to retain Portage Point Advisors LLC to render independent financial advisory services at the sole […]

July 5, 2021

Intelsat execs benefit from KEIP

Intelsat’s senior executives continue to benefit from the company’s Key Employee Incentive Plan (KEIP) which means that CEO Stephen Spengler is still paid $130,555 per month. Spengler has received more than $8 million since Chapter 11 was declared according to Intelsat’s monthly report and summary documents filed with Intelsat’s Chapter 11 bankruptcy reconstruction court on […]

June 18, 2021By Chris Forrester

Intelsat’s Chapter 11 exit delayed?

Intelsat’s exit from its Chapter 11 restructuring could be badly delayed and distributions to other creditors limited by the dispute between SES and Intelsat over C-band payments from the FCC. SES is claiming at least $420 million, and potentially $1.8 billion if the bankruptcy court awards punitive damages, over the way the FCC’s incentive payments […]

June 16, 2021

Mediation ordered in Intelsat bankruptcy disputes

Intelsat’s bankruptcy judge, Keith Phillips, has ordered that the varies parties objecting to one or other of Intelsat’s proposed exit plan from bankruptcy must meet before a Mediation judge to try and resolve their objections. The mediation, however, is non-binding. The ruling was made on April 21st and the court appointed Judge Frank J. Santoro […]

April 23, 2021By Chris Forrester

Intelsat’s Chapter 11 exit plan falters

Intelsat is asking its Chapter 11 bankruptcy court for more time to deliver its exit plan from bankruptcy. A hearing scheduled for April 14th will see Judge Phillips asked for more time. Intelsat says the additional time is necessary to ensure that it maintains control of its case, which is particularly complicated because of the […]

April 12, 2021By Chris Forrester