Intelsat reduces $15 billion debt by more than half – SpaceWatch.Global

Intelsat reduces $15 billion debt by greater than half – SpaceWatch.International

Stephen Spengler, CEO of Intelsat. Picture: Intelsat

Luxembourg, 15 February 2021. – Debt minimize by greater than half: Intelsat reduces the corporate’s debt from practically $15 billion to $7 billion, the satellite tv for pc operator introduced.

Intelsat stated it “obtained the help of key creditor constituencies on the phrases of a complete monetary restructuring that would cut back the Firm’s debt by greater than half – from practically $15 billion to $7 billion – and place the Firm for long-term success”.

The corporate is submitting a reorganization plan in its Chapter 11 proceedings that are pending earlier than the U.S. Chapter Court docket for the Jap District of Virginia. 
This plan, which has been “the topic of in depth negotiations with the Firm’s collectors and resolves a large number of complicated points amongst them, has the help of holders of roughly $3.eight billion of the Firm’s funded debt”, Intelsat stated. “The Firm is requesting a listening to on March 17, 2021 to hunt Court docket approval of the Disclosure Assertion and set up procedures to solicit votes on the Plan.
The “filings and the numerous consensus already achieved on the Plan pave the way in which for the Firm’s emergence from the Chapter 11 proceedings within the second half of 2021”, Intelsat stated.

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