Intelsat Files Ch. 11 Plan To Slash $8B Of Debt

Law360 (February 12, 2021, 7:48 PM EST) -- Communication satellite operator Intelsat SA on Friday filed a Chapter 11 plan with a Virginia bankruptcy court that would slash its red ink by nearly $8 billion with an equity swap it said was backed by the holders of about a quarter of its funded debt

In an announcement Friday, Intelsat said the holders of about $3.8 billion in notes have entered into an agreement to support the plan, which would see the company's $14.8 billion in funded debt cut to $7 billion.

"Intelsat looks forward to continuing to engage with all stakeholders to gain additional support for its plan across...

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