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 […]
Intelsat might be in Chapter 11 bankruptcy restructuring, but trading continues. The satellite operator’s revenues were $458.8 million for Q1 (to March 31st) down 13 per cent, and after interest payments and other obligations, that turned into a net loss of $218.8 million for the quarter. The company reported significant downturns in Network Services (down […]
The Schall Law Firm has confirmed it has filed a class action against Intelsat citing violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission. “Investors who purchased the Company’s securities between November 5th and November 18th 2019, inclusive (the ”Class […]
A report from Quilty Analytics makes tough reading for the world’s ‘Big Four’ satellite operators, and says that they could suffer combined adverse revenue losses of some $400 million (€357m) this year – mostly because of the Coronavirus impact on mobility. Quilty says: “The trough of Covid-19 end-user mobility impact occurs in Q2 (June 2020). […]
South African broadcasting giant MultiChoice says that Intelsat’s Chapter 11 bankruptcy protection will have no impact on its pay-TV transmissions. MultiChoice beams its signals from Intelsat-20 and Intelsat-36 satellites for its DStv broadcasts across Africa. Intelsat announced last month that it and certain sister-companies have filed for Chapter 11 proceedings. Intelsat has informed local press […]
Last October Intelsat made a $50 million “synergistic” loan to BlackSky, owned by Spaceflight Industries. Now it wants the Court to amend the loan obligations and permit certain sales plans to proceed despite the bankruptcy. Spaceflight describes itself as a ‘next generation’ space company with launch facilities, and its BlackSky division specialises in images from […]
Some Intelsat smaller shareholders are appealing to the US Trustee that they gain special representation in the bankruptcy court, saying that they are being ignored in the satellite operator’s reconstruction and that they fear being wiped out in the process. There is a planned hearing on June 9th into many matters connected with Intelsat’s Chapter […]