The hearing of the litigation between SES and Intelsat in front of Judge Keith Phillips is now well into its second week. The dispute concerns the division of FCC ‘incentive’ payments. SES is claiming 50 per cent of the FCC’s allocation of payments, plus damages against Intelsat.. One of the many Intelsat lawyers on the […]
The trial between SES and Intelsat over how the FCC’s C-band ‘incentive payments’ are being distributed opens on February 7th. The court has set aside up to two weeks for the hearings before Intelsat’s Chapter 11 bankruptcy judge Keith Phillips. However, last week the judge delayed an element of the trial dispute revolving around a […]
Judge Keith Phillips, who is supervising Intelsat’s Chapter 11 bankruptcy exit as well as on-going litigation between SES and Intelsat over the division of the FCC’s C-band incentive payments, issued some key rulings in court on February 2nd. Phillips ruled that James Murray could be called as a witness on behalf of Intelsat and would […]
February 2nd will see Intelsat’s Chapter 11 bankruptcy court hear the final pre-trial Motions and applications in the action whereby SES is seeking a 50/50 division of the FCC’s C-band incentive payments. Top of the list is the SES expedited hearing Motion to exclude the testimony of a proposed Intelsat expert witness (James Murray) who […]
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 […]
The FT reports that as Intelsat emerges from its Chapter 11 bankruptcy reconstruction the satellite operator will lose its CEO Steve Spengler (who will leave with a pay-out of at least $4 million) but could also find itself open to a takeover. SES is mentioned as a potential buyer. The FT quotes analyst Armand Musey, […]
Financial ratings agency, Fitch Ratings, has assigned its verdict on Intelsat’s capital restructuring. Intelsat is likely to emerge from its Chapter 11 bankruptcy reconstruction shortly and is already in the process of arranging fresh financing and borrowing. Fitch says it has assigned a ‘B+’ rating on Intelsat’s Jackson Holdings SA sister company with a ratings […]
Intelsat’s last-minute set of reorganisation agreements, the 6th Supplemental Declarations, as part of its Exit Plan reached on December 16th with some of its – relatively modest – remaining creditors should now enable the satellite operator to fully emerge from bankruptcy early in the New Year. There are some legal hurdles ahead, not least the […]
Vewd Software, a provider of OTT software solutions, has come to an agreement with its senior lenders to position the company for continued success via a court supervised process that will result in deleveraging and improving its balance sheet. The restructuring of its balance sheet will be facilitated through a debt for equity exchange pursuant […]
The opening day of Intelsat’s Chapter 11 bankruptcy exit plan Confirmation Hearing saw Judge Keith Phillips’ hear explanations from Steven Serajeddini, one of Intelsat’s lawyers, that SES would scrap its demand for Intelsat to pay “punitive damages” to SES of $1.35 billion (€1.19bn). The withdrawal of the claim means that Intelsat, as its part of […]