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Intelsat creditors vote for amended reorganisation plan

August 26, 2021 11.31 Europe/London By Julian Clover

Intelsat has received the support of its key creditor groups as the satellite operator looks to lift itself out of Chapter 11.

The company wants to cut its debt in half from $15 billion to $7 billion as part of a comprehensive restructuring.

An Amended Plan of Reorganization has been filed with the Bankruptcy Court for the Eastern District of Virginia, Richmond Division ahead of a hearing on September 1, 2021. Under the Amended Plan Intelsat will become a private company with the support of new equity owners. It will seek to become a publicly traded company again over the next five years.

Its hoped the process will be completed by the end of the year.

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Filed Under: Editor's Choice, Newsline, Satellite Edited: 27 August 2021 10:46

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About Julian Clover

Julian Clover is a Media and Technology journalist based in Cambridge, UK. He works in online and printed media. Julian is also a voice on local radio. You can talk to Julian on Twitter @julianclover, on Facebook or by email at jclover@broadbandtvnews.com.

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