Feb 12 Reuters 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 COVID19 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 Cband spectrum under the Federal Communications Commission order to support a buildout of 5G wireless infrastructure in the United States.
Reporting by Chavi Mehta in Bengaluru; Editing by Arun Koyyur