The top six executives at Intelsat have won the bankruptcy court’s approval to receive salaries and bonus payments despite protests from the Department of Justice. The payments – worth $17 million (€15.1m) overall – are based on Intelsat’s key employee incentive (KEIP) agreements with the executives. The bankruptcy court’s Judge Keith Phillips confirmed his judgement […]
The dispute between Intelsat, itself in Chapter 11 bankruptcy protection, and the International Telecommunications Satellite Organisation (ITSO) and payments claimed as owed by Intelsat to ITSO was due to be heard by the bankruptcy court on June 30th has been delayed. It will now be heard on July 28th during the next ‘Omnibus Hearing’ by […]
The US Trustee, which is supposed to protect smaller shareholders and investors, has determined that an equity committee of common shareholders with Intelsat stock was not needed at this time but that it reserved the right to revisit the issue in the future as the bankruptcy continues. Seventy-three shareholders had combined (with some 2.3 million […]
A court case has been heard by the US Court of Appeals between ABS, Hispasat and Arsat which had been arguing that the FCC should pause the date of Commission’s Dec auction of C-band frequencies over the US. The trio were deliberately excluded by the FCC from its incentive plan for C-band compensation given to […]
Both Intelsat and FCC filed their C-band accelerated spectrum transition plans with the FCC on June 19th. The schemes outline how their clients will be moved in order to free up spectrum for the FCC’s 5G adoption. The plans show how some 3,500 cable head-ends and 13,500 Earth stations will have 60,000 blocking filters changed […]
Despite being in bankruptcy protection, Intelsat’s executives are seeking to continue receiving impressive salaries and compensation packages. Intelsat is continuing to operate its business as a ‘debtor in possession’. On June 30th, the bankruptcy court will consider a motion to allow Intelsat to continue paying senior staff under its Key Executive Incentive Plan (KEIP) which […]
The C-band replacement satellite orders for US coverage are being confirmed. Intelsat has ordered up at least six satellites. Four are to come from Maxar Technologies and will be built at Maxar’s Palo Alto plant (the former Space Systems/Loral facility). Two others will be supplied by Northrop Grumman. There will also be an additional seventh […]
As well as approving a $1 billion ‘debtor in possession’ loan, Intelsat’s bankruptcy court had an extremely busy ‘omnibus’ day on June 9th dealing with dozens of applications and motions. The court approved the rate of interest that Intelsat must pay to the lenders Credit Suisse on the $1 billion loan. Intelsat has to pay […]
Intelsat is in Chapter 11 bankruptcy and is restructuring itself. On June 9th, it gained bankruptcy court approval to access a $1 billion loan under ‘debtor in possession’ rules and post-petition financing. Judge Keith Phillips granted Intelsat immediate access to $500 million (out of the $1 billion) in order to keep its day-to-day operations going […]
Last month it was reported how the organisation which supervises Intelsat’s public service obligations, the International Telecommunications Satellite Organisation (ITSO), had complained to Intelsat’s bankruptcy court that Intelsat had not been paying its dues to ITSO. ITSU had asked the court to authorise a special payment to fund its costs and services. Intelsat responded ahead […]