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 […]
The bankruptcy court in the Intelsat review and confirmation of its Exit Plan heard that a number of issues previously considered contentious have “been narrowed” according to Steven Serajeddini, a restructuring partner at Kirkland & Ellis, who are acting for Intelsat in the case. The court heard that the parties want to wrap the discussions […]
Last week, the news emerged that SES had dropped its massive $1.35 billion claim on rival Intelsat for “punitive damages” over the way Intelsat handled the negotiations with the FCC and the division of FCC ‘incentive’ payments over the C-Band Alliance. The removal of the claim allows Intelsat’s Chapter 11 bankruptcy to proceed and cancels […]
December 10th saw a submission entered into Intelsat’s Chapter 11 bankruptcy hearing which used the phrase ‘actio pauliana’, which translates as meaning ‘designed to protect creditors from fraudulent legal transactions’. The phrase was used by Luxembourg lawyer, Yann Hilpert, in his declaration to the court. He said that under Luxembourg law, an actio pauliana is […]
Intelsat’s Chapter 11 bankruptcy court on December 9th heard detailed evidence from one of its reconstruction financial advisors. This was Day 4 of a probable 10-day legal process to see Intelsat’s exit from bankruptcy approved. However, the expert was challenged as to whether he had examined alternate methods to exit bankruptcy. Also, on December 9th, […]
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 […]
Amidst all the mayhem of its bankruptcy, Intelsat revealed to the Securities & Exchange Commission that Samer Halawi, its Chief Commercial Officer, is to leave at the end of the year. Halawi follows CEO Steve Spengler in stepping down. Halawi will receive a lump sum payoff of $1.18 million under the company’s employee incentive scheme. […]