A large set of documents have been sent to all parties involved in the Chapter 11 bankruptcy reconstruction of Intelsat. Back on September 7th the bankruptcy court handling Intelsat’s affairs issued an order that the Confirmation Hearing on Intelsat’s ‘Disclosure Statement’ and latest ‘Plan of Reorganisation’ from bankruptcy will commence on November 8th. The documents […]
It’s always lively at Intelsat’s Chapter 11 bankruptcy court. On September 24th, for example, there were 17 separate filings laid before the court. However, a key problem could be partially resolved on September 29th, when Intelsat’s bankruptcy court will be asked to appoint an external examiner to investigate the potential claims against Intelsat and the […]
SES, in a filing with Intelsat’s Chapter 11 bankruptcy court, says it wants Jane Mago as an expert witness in its dispute with Intelsat. Mago will speak as a witness on the general subject matter of her recent report which covers arguments regarding which Intelsat entity is entitled to any potential FCC accelerated relocation payments […]
Intelsat has used the New York Times and Wall Street Journal to publish warnings to investors of an upcoming court hearing to consider confirmation of its Chapter 11 bankruptcy reconstruction. The notice reminds investors that on September 7th Intelsat’s bankruptcy court entered an order which approved Intelsat’s disclosure and exit plan [from bankruptcy]. The court […]
Intelsat’s request to increase its Debtor in Possession (DiP) financing by a half billion dollars to a total of $1.5 billion was approved by its bankruptcy court on September 13th. The extra cash is structured as: – New DIP includes a $1.25 billion senior-secured term loan and a $250 million delayed-draw term loan at Libor […]
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 […]
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 […]