Intelsat proposes fresh restructuring plan to bankruptcy court, with goal to halve debt

News Wireless Global 12 FEB 2021
Intelsat proposes fresh restructuring plan to bankruptcy court, with goal to halve debt

Intelsat is filing a proposed restructuring plan, as part of its Chapter 11 proceedings pending before the US bankruptcy court for the Eastern District of Virginia. The plan, which the company said has the support of key creditors, would reduce debt by more than half, to USD 7 billion from nearly 15 billion, and “position the company for long-term success.” Specifically, the plan has the support of holders of USD 3.8 billion worth of the Intelsat’s funded debt. The company hopes to bring more creditors on board and has requested a hearing on 17 March for court approval.

Intelsat filed for Chapter 11 bankruptcy protection in the US on 13 May 2020. The company hopes with the most recent plan to emerge from bankruptcy in the second half of this year.

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