It was recently reported how Intelsat was facing up to its future and how it would compete with rival satellite operators. More detail has now emerged. Intelsat has been through something of a nightmare this past few years, emerging – more or less – from Chapter 11 bankruptcy with much reduced interest obligations and the […]
Virgin Orbit, operating in Chapter 11 bankruptcy protection, has entered into a ‘stalking horse’ agreement with Stratolaunch. A Stalking Horse agreement is a starting point for a bid and which other interested parties must exceed if they want to make an offer for the assets of a company. Virgin Orbit, in a filing to its […]
Virgin Orbit is already flying again despite its Chapter 11 bankruptcy. At least one test flight has taken place since the bankruptcy was put in place. However, Virgin Orbit’s CEO Dan Hart has admitted that he and the business had made mistakes. Hart said that some key financial and operational “missteps” meant the company had […]
The National Association of Television Programme Executives (NATPE), already in Chapter 11 bankruptcy reconstruction, has cancelled its January 2023 Global Conference and Market gathering. NATPE traditionally has been the key US event for the TV syndication market. The event was due to be held in the Bahamas. NATPE cancelled its 2022 Miami event in January […]
Intelsat’s Chapter 11 bankruptcy reconstruction has seen the court-appointed Fee Examiner look at every invoice submitted during the three-month period of June 1st-August 31st 2021 by Intelsat’s various professional advisers and advisors to Intelsat’s shareholders and other key parties. The Examiner has trimmed just about every monthly/quarterly billing summary. The Examiner’s work is routine although […]
Intelsat is in the process of exiting its Chapter 11 bankruptcy reconstruction. It has organised its post-bankruptcy financing and German financial services giant Allianz will be very much in control of Intelsat. The European Commission approved on January 24th the control of Intelsat Holdings SA by Allianz SE and has given the green light to […]
Intelsat’s long journey, from May 13th 2020, to ending its Chapter 11 bankruptcy reconstruction, has its end in sight. Its bankruptcy court has planned an Omnibus hearing for today (January 6th at 11.00 am ET) in Virginia. The Court has already approved Intelsat’s exit plan. Judge Keith Phillips will hear submissions on one remaining contested […]
Judge Keith Phillips, on December 16th, approved Intelsat’s plan for the settlement of much of its indebtedness prior to its May 2020 Chapter 11 bankruptcy. The bottom line is that the agreement reduces Intelsat’s old debts of about $16 billion by more than half thanks to the acceptance of the company’s new Plan of Reorganisation. […]
Judge Keith Phillips has set December 16th for what looks likely to be the final day set aside for Intelsat’s bankruptcy Exit Plan confirmation hearings. There will be other discussions, motions and legal manoeuvres but most observers expect this particular element of the bankruptcy exit process to wrap. Judge Phillips has already set aside January […]
Intelsat’s Chapter 11 bankruptcy reconstruction has cost the business some $200 million in legal and professional fees. The end might now be in sight, but there will still be arguments on the exact shape of the new business, and Judge Keith Phillips will still be reviewing documents well into the New Year. Intelsat entered into […]