SES vs Intelsat: What’s at stake?
February 10, 2022
The 50/50 legal action between SES and Intelsat continues. SES, in a statement, reminded interested parties as to its claims and core argument.
SES originally sought $421 million in direct compensatory damages as well as punitive damages for a total claim of about $1.8 billion.
Under a settlement related to Intelsat’s exit plan from its Chapter 11 bankruptcy, SES has dropped its request for punitive damages but continues to seek $421 million in direct compensatory claims against each of three Intelsat entities—Intelsat US, Intelsat License, and Intelsat Jackson.
In addition, SES has a constructive trust claim against Intelsat. As part of Intelsat’s bankruptcy exit plan settlement, SES has agreed to limit its cash recovery to $200 million if the court imposes a “constructive trust.”
If the court doesn’t impose such a trust but determines SES has valid claims at the three Intelsat entities, the aggregate recovery would be about $155 million based on the proportional share of funds payable to unsecured creditors at such entities.
Other posts by :
- Italy joins Germany in IRIS2 alternate thoughts
- Kazakhstan to create museum at Yuri Gagarin launch site
- AST SpaceMobile gets $42 or $1500 price target
- Analyst: GEO bloodbath taking place
- SES AGM results: Appaloosa still objecting
- SpaceX’s Shotwell worth $1.2bn
- SpinLaunch’s revolutionary plan for 280 satellites
- Consolidation impacts satellite sector
- Project Kuiper plans first satellite launch