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 […]
Judge Keith L. Phillips opened the formal hearings into Intelsat’s Chapter 11 exit plan. The process is scheduled to last about 10 days. Around 216 lawyers and observers attended the Zoom meeting for sessions which were described as “complex”. The court was told that more than 90 percent of claimants against the various Intelsat entities […]
Eleventh-hour decisions to delay the formal hearing of Intelsat’s bankruptcy exit Confirmation Plan by a few days has been approved by its bankruptcy court. The Zoom-based hearings will now not commence until December 6th. The court has provisionally allocated 10 days for the hearings. The hearings themselves promise to be compelling with the court recently […]
SES, in a motion submitted to Intelsat’s bankruptcy court, alleges that Intelsat is continuing to “disregard” the role and importance on Intelsat US as the rightful recipient of the FCC’s C-band incentive payment of more than $4 billion (€3.55bn). The problem – which the bankruptcy court has yet to rule on – is the dozens […]
Intelsat’s lawyers filed a revised Reorganisation Plan from its Chapter 11 bankruptcy into the court on November 19th. Intelsat and its associated businesses have debts of some $15 billion that it is seeking to halve. While this is a considerable sum it is modest when compared to the likes of Enron’s bankruptcy ($63 billion back […]
In truth, Intelsat’s bankruptcy has been criticised by investors and creditors since Day One of its Chapter 11 process. But November 17th saw a slew of extra motions tabled and due to be heard on December 2nd by the court. In essence, the documents call for Intelsat’s Amended Exit Plan to be rejected. Most of […]
Intelsat’s Chapter 11 bankruptcy court has approved SES’s application to depose 4 senior Intelsat staffers including Intelsat’s former CFO Jacques Kerrest. His retirement was announced back in January 2019. Others to be deposed include Michael DeMarco (EVP/Chief Services Officer), Henrich Heuer (SVP/Finance & Treasurer until April 2020), and retired General Ellen Pawlikowski (Intelsat board director […]
Last week it was alleged by Intelsat’s lawyers that an expert witness retained by SES to provide advice in the Intelsat bankruptcy case should be excluded. Intelsat’s lawyers argued that James Millstein, co-chairman of Guggenheim Securities, had been retained on a contingent fee tied directly to his testimony. ‘Not so’ implied SES’s lawyers who commeneted: […]
Intelsat’s Chapter 11 bankruptcy court has denied a Motion from Intelsat’s lawyers to bar two expert witnesses from giving their evidence. In particular, SES had wanted to call Jane Mago as an expert witness in its dispute with Intelsat. Her evidence covers what the FCC orders and regulations mean. The second witness permitted to appear […]
Intelsat’s Chapter 11 bankruptcy reconstruction looks certain to go on well into 2022 before all the elements are wrapped up. Meanwhile, the lawyers acting for Intelsat have 118 staff members employed – in some degree or other – on the litigation. In a comprehensive 870-page filing into Intelsat’s bankruptcy court on November 1st the lawyers […]