McLean satellite operator emerges from bankruptcy
Intelsat has new board, less debt
McLean-based satellite operator Intelsat Corp. announced on Feb. 23 that it has emerged from its financial restructuring process nearly two years after filing for Chapter 11 bankruptcy.
The company’s debt has been reduced from nearly $16 billion to $7 billion, according to a news release.
Intelsat obtained $6.7 billion in new financing. The company has a new board of directors, which includes Intelsat’s CEO, and six new directors, including Chair Lisa Hammitt.
“For more than 50 years, Intelsat has led innovation in our sector and delivered high-performing services for customers,” said Intelsat CEO Stephen Spengler in a statement. “Now that our financial restructuring has been completed successfully, we are driving Intelsat’s future development and growth from a position of even greater strength.”
Spengler said the company has significantly less debt and new financing. About a year ago, the company’s creditors approved the restructuring.
“We are positioned better than ever to fuel the success of our customers and partners, achieve our strategic objectives, and accelerate our growth. Building the world’s first global 5G satellite-based,software-defined, unified network is just one of Intelsat’s many groundbreaking projects well underway.”