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 […]
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 […]
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 […]
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 […]
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 […]