Intelsat emerged from its financial restructuring process as a private company. The Plan of Reorganization, supported by all creditor groups and confirmed by the Bankruptcy Court on December 16, 2021, has reduced the Company’s debt by more than half, from approximately $16 billion to $7 billion.
In connection with emergence, Intelsat obtained $6.7 billion in new financing consisting of a revolving credit facility, term loan, and secured notes. Supported by new equity owners, the Company is now best positioned for long-term success as it continues to innovate and bring new services to market.
Intelsat also has a new Board of Directors, composed of the Company’s Chief Executive Officer and six new directors, including Lisa Hammitt, Intelsat’s Chairperson. Biographies of the directors can be found on the Company’s website at intelsat.com/about-us/leadership/.
“For more than 50 years, Intelsat has led innovation in our sector and delivered high-performing services for customers,” said Intelsat’s Chief Executive Officer, Stephen Spengler. “Now that our financial restructuring has been completed successfully, we are driving Intelsat’s future development and growth from a position of even greater strength. We have significantly less debt as well as new financing to support our innovation and network plans, complementing our unparalleled global orbital and spectrum rights and strong operating model. We are positioned better than ever to fuel the success of our customers and partners, achieve our strategic objectives, and accelerate our growth. Building the world’s first global 5G satellite-based, software-defined, unified network is just one of Intelsat’s many groundbreaking projects well underway.”
Bankrupty court approves Intelsat’s restructuring
The U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, approved Intelsat’s Plan of Reorganization, marking the final Court milestone in the company’s financial restructuring process. Intelsat is poised to emerge from the process in early 2022 upon receipt of regulatory approvals, completion of certain corporate actions, and satisfaction of other customary conditions.Intelsat sais its confirmed Plan will reduce debt…
