Intelsat satellite rendering

Intelsat has obtained the support of key creditor constituencies on the terms of a comprehensive financial restructuring that would reduce the Company’s debt by more than half – from nearly US$15 billion to $7 billion – and position the Company for long-term success.

Intelsat announced on 13 May, 2020 its decision to undertake a financial restructuring process to position itself for long-term success and allow for the business to emerge with a strengthened balance sheet.

Intselsat is filing a proposed Plan of Reorganization in its Chapter 11 proceedings pending before the US Bankruptcy Court for the Eastern District of Virginia, Richmond Division, accompanied by an explanatory Disclosure Statement.

The Company is requesting a hearing on March 17, 2021 to seek Court approval of the Disclosure Statement and establish procedures to solicit votes on the Plan, which it is hoped will allow it to emerge from Chapter 11 proceedings in the second half of 2021.

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