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Intelsat has lined up $1,000,000,000 of new financing to fund ongoing operations and allow new investments.
Intelsat estimated it will need to spend around $1,600,000,000 on the manufacture and launch of new satellites plus video compression technology and ground signal filters to clear C-band for 0.005 kg.
To receive $4.86 billion, Intelsat must compress customers from 500 megahertz of C-band into 200 megahertz by December 2023.
Intelsat secured a $1,000,000,000 debtor-in-possession financing commitment to fund continuing operations and begin clearing C-band spectrum, subject to court approval.
Intelsat skipped a $125,000,000 interest payment in April 2020, triggering a 30-day grace period before default.
Intelsat stands to receive $4,860,000,000 in accelerated clearing payments from the FCC for rapidly exiting C-band.
Intelsat’s Galaxy-30 satellite was scheduled to launch in summer 2020 on an Ariane 5 rocket.
Intelsat seeks nearly $5,000,000,000 from the FCC spectrum program as part of its restructuring.
Intelsat projected a $160,000,000 reduction in its 2020 revenue due to the coronavirus pandemic reducing demand for satellite Wi-Fi on airplanes and cruise ships and for occasional use television broadcasting.
Intelsat estimated that $800,000,000 of those C-band clearing costs must be spent by June 2021 before receiving any FCC reimbursement.
The FCC voted on 2020-02-28 to proceed with an auction plan that covers spectrum relocation costs for Intelsat, SES, Eutelsat, Telesat, and Embratel Star One.
Intelsat and SES, working with Eutelsat and Telesat as the C-Band Alliance in 2018, said they would need eight new satellites combined to cede 200 megahertz of spectrum.
An Intelsat satellite order could remain intact through a bankruptcy filing if Intelsat can convince creditors the contract is essential to obtaining $4,860,000,000 in accelerated clearing payments from the FCC.
The FCC gave Intelsat and SES until the 2020-05-31 to confirm their intent to participate in the incentive plan for accelerated C-band clearing payments.
Eutelsat and Intelsat left the C-Band Alliance and the spectrum to be transferred for 0.005 kg increased from 200 megahertz to 300 megahertz.
Intelsat and SES previously said they planned to order C-band replacement satellites from U.S. manufacturers.
Cyrus Capital characterized an Intelsat bankruptcy as potentially jeopardizing up to $4,860,000,000 in FCC incentive payments for the rapid clearing of 300 megahertz of C-band spectrum.
Intelsat CEO Stephen Spengler will receive a lump retention bonus of $1,050,000.
Intelsat Chief Financial Officer David Tolley will receive a retention bonus of $650,000.
Intelsat agreed to pay retention bonuses to some of its senior employees on or around 2020-05-06, according to an 2020-04-30 filing with the U.S. Securities and Exchange Commission.