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.