{"id":56782,"date":"2021-08-25T19:02:34","date_gmt":"2021-08-25T11:02:34","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/intelsat-amends-bankruptcy-plan-with-majority-support\/"},"modified":"2021-08-25T19:02:34","modified_gmt":"2021-08-25T11:02:34","slug":"intelsat-amends-bankruptcy-plan-with-majority-support","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/intelsat-amends-bankruptcy-plan-with-majority-support\/","title":{"rendered":"Intelsat Amends Bankruptcy Plan With Majority Support"},"content":{"rendered":"<\/p>\n<p><b>Intelsat<\/b> has put forward an amended plan to pull the satellite operator out of Chapter 11 bankruptcy, with binding support from holders of nearly 75% of the company\u2019s debt.&nbsp;<\/p>\n<p>If approved, this plan will cut Intelsat\u2019s debt by more than half \u2014 from nearly $15 billion to $7 billion. In addition, Intelsat will no longer be a publicly traded company.&nbsp;<\/p>\n<p>\u201cThe amended plan provides that Intelsat will emerge as a private company, with the support of new equity owners, to best advance its strategic objectives and accelerate its growth trajectory, with a path to becoming publicly traded again at some point in the next five years,\u201d Intelsat said in a Tuesday release.<\/p>\n<p>Intelsat has filed the amended plan in its Chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division. A hearing has been scheduled for September 1, 2021.<\/p>\n<p>Intelsat has been in Chapter 11 bankruptcy since May 2020, when the company said it needed to financially restructure in order to fund C-band clearing in order to receive payment as part of the FCC\u2019s process. The operator previously released a plan in February 2021 \u2014&nbsp;that would have also cut its debt by half \u2014&nbsp;but was not able to secure approval for the plan.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intelsat has put forward an amended plan to pull the satellite operator out of Chapter 11 bankruptcy, with binding support from holders of nearly 75% of the company\u2019s debt.&nbsp; If approved, this plan will cut Intelsat\u2019s debt by more than half \u2014 from nearly $15 billion to $7 billion. In addition, Intelsat will no longer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":56783,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-56782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/56782"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=56782"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/56782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/56783"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=56782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=56782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=56782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}