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 […]
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 […]
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. […]
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 […]
George Orwell’s dystopian future world of a sinister, mind-controlling dictatorship is often called upon as an analogy for political shenanigans in ‘the real world’. Usually, the comparison is overblown and inaccurate, and I’m not going to break with that tradition. However, the UK government’s manipulation of the ‘independent’ appointment of the chair of the media […]
The judge in Intelsat’s Chapter 11 bankruptcy has already overruled the US Trustee’s strongly voiced objections to the future hearings in the Intelsat case being heard in private (‘under seal’) and not open to the public or other interested parties. The Trustee, in a formal motion to the court on August 30th, again mounted a […]
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 […]
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, […]
Following the announcement of its merger with a Special Purpose Acquisition Company (SPAC) in the form of NextGen Acquisition Corp, Virgin Orbit now says it wants its own in-orbit satellite system. Backed by Sir Richard Branson, Virgin Orbit wants to transition from launching small satellites to building its own satellite constellation for Internet-of-Things (IoT) and […]
Sir Richard Branson’s Virgin Orbit satellite launch system (and not to be confused with his Virgin Galactic passenger tourism venture) is set to go public with a NASDAQ quote. The company says its revenues will grow 100-fold by 2025 to $1.55 billion. Virgin Orbit has merged with one of the increasingly fashionable Special Purpose Acquisitions […]