Intelsat files for Chapter 11 “restructuring”

As long expected, Intelsat has filed for Chapter 11 bankruptcy and says it will restructure itself under ‘Debtor in Possession’ (DiP) rules.

Intelsat says it is fully backing the Federal Communications Commission’s (FCC) plan for the auction of some of its C-band frequencies over the US for 5G usage. It says it has raised $1 billion under DiP financing to help fund the commitment to prepare for the auction.

Source: Intelsat files for Chapter 11 “restructuring”