Intelsat is a multinational satellite services provider, delivering services to commercial, governmental, and military organizations. Operating one of the world's largest integrated satellite and terrestrial networks, the company offers video broadcasting, broadband connectivity, and secure satellite communications. Intelsat partners with organizations like Vodafone, Gilat Satellite Networks, and SKY Perfect JSAT Corporation, and works with launch providers such as Arianespace and International Launch Services to manage its satellite program from design and construction through launch and in-orbit operations.
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Creditors responsible for approximately $3,800,000,000 of Intelsat’s debt have approved Intelsat’s reorganization plan and Intelsat is seeking approval from additional creditors.
Intelsat requested a Bankruptcy Court hearing on 2021-03-17 for its reorganization proposal.
Intelsat SA announced a reorganization plan on 2021-02-12 to reduce its debt from nearly $15,000,000,000 to $7,000,000,000.
Intelsat stands to receive a maximum of about $4,860,000,000 if it meets the FCC deadlines for clearing spectrum.
Intelsat could emerge from Chapter 11 in the second half of 2021 if its reorganization plan is approved.
The bankruptcies of OneWeb and Intelsat led to a refresh of the space industry, improving the financial health of companies.
Intelsat and SES ordered a combined 13 satellites in 2020 in response to the race to clear C-band spectrum.
Intelsat placed an order on 2021-01-08 for two geostationary communications satellites from Airbus Defence and Space to support Intelsat’s aviation connectivity business.
The two spacecraft ordered by Intelsat are from Airbus Defence and Space’s OneSat family of fully reconfigurable geostationary satellites.
Airbus signed a contract with Intelsat on 2020-12-31 to build two OneSat satellites for Intelsat’s next-generation software-defined network.
In a 2020-12-31 filing in the federal bankruptcy court overseeing Intelsat’s Chapter 11 case, Intelsat sought court permission to order the two satellites.
Intelsat acquired Gogo Commercial Aviation in September for $400,000,000.
Airbus signed a contract with Intelsat on 2020-12-31 to build two OneSat satellites operating in multiple frequency bands for Intelsat’s next-generation software-defined network.
The commercial GEO satellite market rebounded to 20 orders in 2020, driven largely by C-band replacements ordered by Intelsat and SES.
Intelsat announced plans in September to purchase Gogo’s Commercial Aviation in-flight connectivity business.
Ovzon secured a renewed contract valued at a total of $14,600,000 with the United States Department of Defense through the US service provider Intelsat General Corporation.
SES asserts that Intelsat attempted to appropriate approximately $450,000,000 from SES while Intelsat was facing severe financial distress.
SES alleges that it and Intelsat had a 50-50 agreement governing control of the C-Band Alliance and allocation of proceeds for approximately 16 months.
SES alleges that Intelsat’s debt exceeded $15,000,000,000 and that Intelsat was spiraling toward bankruptcy during the disputed period.
SES is claiming $1,800,000,000 in damages from Intelsat.