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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 has until 2020-05-29 to decide whether it will participate in the FCC’s accelerated spectrum clearing program.
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.
The skipped $125,000,000 interest payment triggered a 30-day grace period for Intelsat to complete the payment before defaulting.
Intelsat skipped a $125,000,000 interest payment that was due 2020-04-15.
Northrop Grumman's Mission Extension Vehicle 1 (MEV-1) successfully docked with the Intelsat 901 satellite and moved the satellite to a new location in geostationary orbit to allow it to continue operations.
Intelsat has an unsecured claim against Speedcast International for $45,200,000.
Intelsat transitioned customers off Intelsat-901 in November and began moving the satellite out of the geosynchronous arc on 2019-12-02 to meet with MEV-1 in a graveyard orbit a few hundred kilometers above active satellites.
Intelsat-901 provides coverage of North and South America, Africa, and Europe using C-band transponders and steerable Ku-band beams.
The transfer of 30 customers to Intelsat-901 took six hours to complete.
Intelsat transferred 30 commercial and government communications customers to the Intelsat-901 satellite, which now uses MEV-1 for propulsion.
Intelsat-40e will be the second Intelsat satellite to launch on a SpaceX rocket, following the Intelsat-35e Falcon 9 mission in 2017.
Intelsat-40e will provide Ku- and Ka-band connectivity over North America supporting government, in-flight connectivity, and enterprise customers.
Intelsat selected SpaceX to launch the Intelsat-40e geostationary communications satellite on a Falcon 9 rocket in 2022.
Transferring traffic from the aging Intelsat-907 to Intelsat-901 will take a few days to a week, with full service expected to begin in the first half of April.
Northrop Grumman’s Mission Extension Vehicle 1 launched in October and docked with the Intelsat-901 communications satellite in February, enabling a five-year extended lease on life for Intelsat-901.
The FCC will scrap a $9,700,000,000 spectrum clearing incentive package approved last week if Intelsat and SES do not both agree to the terms.
Appaloosa purchased a 7% stake in Virginia- and Luxembourg-based Intelsat last month with the purpose of pushing Intelsat to seek a larger share of clearing payments.
Intelsat, SES, Eutelsat, Telesat, and Embratel Star One are collectively eligible to win up to $9,700,000,000 in accelerated payments if they clear 300 megahertz of C-band spectrum by 2023-12-05.
Intelsat’s $4,870,000,000 eligibility is $13,600,000 higher than the FCC’s original plan and lower than the $5,800,000,000 to $6,500,000,000 the company sought.