Space News by Caleb Henry — May 14, 2020
Intelsat, the world’s second largest satellite operator by revenue, filed for Chapter 11 bankruptcy protection late May 13 as a means to ease its nearly $15 billion debt load and participate in an FCC spectrum clearing program.
Intelsat said it has secured a $1 billion debtor-in-possession financing commitment that, following court approval, will allow the company to fund continuing operations and get started clearing C-band spectrum under a program that could net the operator $4.86 billion.
The Luxembourg and Virginia-based operator filed for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond. The company operates a fleet of roughly 50 satellites, and has another, Galaxy-30, scheduled to launch this summer on an Ariane 5 rocket.
More:
https://spacenews.com/intelsat-declares-bankruptcy-as-means-to-fund-c-band-spectrum-clearing/
