Intelsat issues bankruptcy restructuring plan

Intelsat says it has received backing from some of its creditors – holding some $3.8 billion of the company’s debt – to reduce its overall debt by some 53 per cent from around $15 billion to $7 billion.

As at September 30th the company owed $14.4 billion to its creditors. Intelsat has filed its Plan of Reorganisation with the US Bankruptcy Court. Intelsat said: “Intelsat looks forward to continuing to engage with all stakeholders to gain additional support for its Plan across the capital structure.”

Source: Intelsat issues bankruptcy restructuring plan