Intelsat: $9.8 billion of our $14.5 billion in long-term debt is up for discussion in Chapter 11

PARIS — Intelsat said $9.8 billion of the $14.5 billion in long-term debt it had accumulated before entering bankruptcy is subject to renegotiation as part of its Chapter 11 reorganization.
How much of this will be written off as part of a restructuring plan now being developed is unclear. Since filing for Chapter 11 protection on May 13, Intelsat has stopped paying interest on its unsecured debt, saving $102 million per month. It is continuing to pay interest on its secured debt.
Intelsat’s post . . .
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Charlie Ergen on EchoStar/Dish 5G synergies, S-band global IoT ambitions and GEO satellites’ broadband subsidy worry

PARIS — Charlie Ergen, the chairman of EchoStar Corp. and Dish Network, has never been easy to read. He still isn’t.
He expresses real doubt about satellite consumer broadband’s future in the United States but recognizes that EchoStar’s Hughes Network Systems, a satellite broadband company, is EchoStar’s main source of income and room to grow in the United States and elsewhere.
He has purchased billions in radio spectrum rights in the United States that may never pay off. He is . . .
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SES: No Covid-19 impact in Q2, some expected in H2; 4 more Boeing satellites for O3b mPower constellation

PARIS — Satellite fleet operator SES reported zero effect of the Covid-19 pandemic on its airline and maritime mobility business in the three months ending June 30 as contracts signed in 2019 took effect.
But the company acknowledged that the sharp drop in air travel and in the maritime cruise market is forcing SES customers in those markets to seek contract modifications that will take effect later this year.
Luxembourg-based SES lowered its 2020 revenue forecast by 4%, and its EBITDA forecast by 3.4%, to . . .
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Star-spangled selection: SES signs with SpaceX Falcon 9, ULA Atlas 5 to launch C-band-clearing satellites

PARIS — Satellite fleet operator SES, in a commercial decision flavored by political expedience, selected the SpaceX Falcon 9 and the United Launch Alliance (ULA) Atlas 5 to launch two stacked C-band satellites each in 2022. The SpaceX contract includes an option to launch a third satellite in the event of a satellite failure.
SES has ordered two satellites from Northrop Grumman and two from Boeing to provide C-band coverage over the United States as part of an agreement with the U . . .
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Iridium reports only moderate damage in 1st full Covid-19 quarter; Aireon, more exposed, needs shareholder loan

PARIS — Mobile satellite service provider Iridium Communications reported only mild turbulence from Covid-19 during the three months ending June 30 but said the drop in air traffic would mean its 22%-owned Aireon LLC, which provides global air-traffic surveillance, will require additional cash before stabilizing its business.
Iridium is contributing $11 million for its share of a $50 million loan being made available to Aireon by its shareholders, led by Nav Canada, which owns 45%. The loan carries an interest rate of 11%.

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Mobile IoT provider Orbcomm reports big increase in cash flow, looks past Covid-19 to sustained EBITDA growth

PARIS — Satellite and terrestrial mobile IoT hardware and service provider Orbcomm Inc. reported sharply lower equipment deliveries as the Covid-19 pandemic restricted visits to customer platforms but posted a sharp increase in cash flow and a stable EBITDA margin.
Total subscriber count increased by a net 18,000, for a total of 2.22 million as of June 30.
Operating cash flow for the three months ending June 30 was $12.6 million, a six-fold increase from the same period a year ago.

Maritime connectivity provider KVH reports surprisingly modest Covid-19 impact

PARIS — Maritime content and connectivity provider KVH Inc. sailed through the first phase of the Covid-19 pandemic sustaining very little damage in the three months ending June 30 despite widespread port shutdowns in April.
Notably, the company said there was no sharp increase in cancellations by customers of KVH’s no-commitment AgilePlans service during the quarter. Average monthly customer revenue increased during the period following promotions to encourage customers to adopt higher-data-rate plans.
“While we did see an increase in suspensions and churn . . .
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