Intelsat mulls Chapter 11 pending C-band decision in US - report

Nieuws Video Verenigde Staten 6 FEB 2020
Intelsat mulls Chapter 11 pending C-band decision in US - report

Intelsat is considering a possible Chapter 11 bankruptcy filing if the FCC's decision on the 3.8 GHz band goes against the satellite company, a person close to Intelsat told Bloomberg. Intelsat has hired bankruptcy experts at the firm Kirkland & Ellis to prepare for possible restructuring, the report said.

The report sent the company's stock down as much as 34 percent on 05 February, before recovering to finish the day down 6.3 percent. 

The Chapter 11 filing would delay the US Federal Communications Commission plan to move forward with an auction of the so-called C-band airwaves because Intelsat assets would be entangled in court proceedings, the person said.

The FCC is expected to announce on 06 February its plan for the C-Band spectrum currently used by satellite providers and coveted by mobile operators for 5G. Satellite providers including Intelsat and SES have been eager to cash in on the holdings while also preserving their own services. 

Categories:

Satelliet,  Mobiel

Companies:

FCC,  Intelsat,  SES

Regions:

Wereld

Countries:

Verenigde Staten

Tags:

Bankruptcy - Insolvency, Government telecommunications licensing, Wireless, Satellite

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