Virgin Orbit, currently going through a Chapter 11 Bankruptcy Protection, says there are 30 potential bidders to buy the business. Virgin Orbit is trading under ‘Debtor in Possession’ rules, with the operating cash provided by Sir Richard Branson’s overall holding company. Virgin Orbit, in a formal filing, says there are 30 “indications of interest” including […]
Virgin Orbit says it wants to exit its Chapter 11 bankruptcy protection by the end of May. The rocket-launching company moved into its ‘Debtor in Possession’ mode on April 4th with fresh cash (of $31.6 million) coming from Sir Richard Branson’s Virgin Investments company. Virgin Orbit, in a 78-page motion to its bankruptcy court, supplied […]
Virgin Orbit’s outgoing COO Tony Gingiss had some tough words for his fellow company leaders in a company-wide email obtained by news channel CNBC. The New York NASDAQ index is also suspending the company’s stock listing, effective April 13th. Although Gingiss doesn’t name CEO Dan Hart by name in his memo, or main backer Sir […]
The National Association of Television Program Executives (NATPE) is filing a court petition to restructure its business affairs under Chapter 11 bankruptcy. NATPE has cited the pandemic and being forced to cancel its flaghip trade show in 2021 and again in 2022 (replacing them with virtual events), and an event in Miami earlier this year. […]
Steven Serajeddini, a partner in giant US law firm Kirkland & Ellis, which represented Intelsat during its Chapter 11 restructuring, has explained to LevFin Insights how, as debtors’ counsel, they overcame many of the challenges faced by Intelsat during the process. He said that key to the settlement was consensus although it took “two hard-fought […]
Hill vs Silver Lake Group is the name for a consolidated Class Action against investors in Intelsat and alleging that some investors and individuals deliberately sold their share in Intelsat in November 2019 – prior to the company’s Chapter 11 bankruptcy as a result of inside information. The then chairman of Intelsat, David McGlade, is […]
June 30th saw Intelsat’s Chapter 11 bankruptcy confirm another stage in its overall exit from its financial reconstruction. Judge Keith Phillips signed off Intelsat’s Final Decree which affected dozens of “Affiliated Cases” and involving most of the Intelsat sister and subsidiary trading entities. A few cases remain pending and open to be resolved and include […]
Declaring Chapter 11 bankruptcy protection is an expensive and often risky decision. Certainly, the costs for Intelsat’s declaration to adopt Chapter 11 cost it two years of – at best – marking time, major changes to its management team and risks that it could be penalised over the long-running dispute with SES over the division […]
Intelsat has formally confirmed its emergence from Chapter 11 reconstruction. The satellite operator said it had emerged as a private company with a substantially strengthened capital structure to support its growth as the leader in satellite communications. This final milestone follows receipt of regulatory approvals, completion of certain corporate actions, and satisfaction of other customary […]
The FCC has approved Intelsat’s exit from Chapter 11 bankruptcy and the transfer of the ‘old’ company’s ‘debtor in possession’ (DIP) assets to the newly established parent business based in Luxembourg. The FCC’s International Bureau chief Thomas Sullivan said the transfer was in the public interest and approved the request. The FCC ruling explains the […]