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The 10 software-defined geostationary satellites are part of a post-restructuring growth strategy that could include Intelsat’s own low Earth orbit constellation.
The litigants in the SES v. Intelsat C-band dispute have agreed to provide their lists of incontrovertible facts by 2022-01-12.
The legal action filed by SES against Intelsat over the division of FCC C-band incentive payments is scheduled to begin on 2022-02-07 and has been allocated two weeks.
SES's claim in the C-band dispute is that the Consortium Agreement between C-Band Alliance participants provided for FCC incentive payments to be split 50/50 between SES and Intelsat.
Counsel for the litigants in the SES v. Intelsat C-band dispute can file supplementary depositions on or before 2022-01-10, with counter-depositions to be filed by 2022-01-18.
The parties in the SES v. Intelsat C-band dispute will file an agreed position on admissible exhibits by 2022-01-28.
Intelsat agreed to provide the ad hoc noteholders an additional $25,000,000 in cash and three board of director appointments to withdraw their objections to the bankruptcy plan.
Judge Keith Phillips approved Intelsat’s creditor settlement plan on 2021-12-16.
Intelsat expects to receive $4,870,000,000 of accelerated relocation payments in connection with the C-band spectrum clearing project, with $1,200,000,000 of that total already approved by the Federal Communications Commission for anticipated receipt in January.
Intelsat has exit financing commitments providing access to $7,875,000,000 in capital under the confirmed Plan.
The Intelsat settlement and Plan of Reorganization free up almost $8,000,000,000 in post-exit financing.
Intelsat’s approved settlement reduces the company’s pre-bankruptcy indebtedness of about $16,000,000,000 by more than half.
Intelsat plans to invest in a fully software-defined network based around 0.005 kg technology.
Intelsat is poised to exit Chapter 11 in early 2022 after a bankruptcy court approved a restructuring plan that cuts the company’s debt from about $16,000,000,000 to $7,000,000,000.
The U.S. Bankruptcy Court for the Eastern District of Virginia approved Intelsat’s restructuring plan, marking the final court milestone for a Chapter 11 process that started in May 2020.
Intelsat is in line to reap nearly $5,000,000,000 in total proceeds from clearing C-band spectrum.
Stephen Spengler plans to retire shortly after Intelsat exits Chapter 11.
After meeting a regulatory deadline for clearing part of the spectrum, Intelsat expects to receive $1,200,000,000 of C-band clearing proceeds in January.
Under the FCC’s plan, Intelsat is set to receive $4,900,000,000 for clearing C-band spectrum.
Intelsat and SES unlocked more than $2,000,000,000 in combined proceeds from the Federal Communications Commission for clearing C-band spectrum.