Satellite operator Intelsat SA said on Friday it has filed a restructuring plan backed by some of its creditors, in a bid to reduce debt and emerge from bankruptcy in the second half of the year.
The plan aims to reduce debt by more than half to $7 billion and has the support of holders of about $3.8 billion of its debt, the company said. It has sought a hearing on Mar. 17 for a court approval to solicit votes on the plan.
The company filed for Chapter 11 bankruptcy protection in May last year, hit by the COVID-19 pandemic that inflicted widespread financial pain across sectors, including retail and aviation.
Intelsat is one of the companies that will participate in the accelerated clearing of C-band spectrum under the Federal Communications Commission order to support a build-out of 5G wireless infrastructure in the United States. Reuters