Intelsat court OKs $1.5B loan to avert cash shortfall; SES claim casts shadow over Intelsat Chapter 11 reorganization

by Peter B. de Selding

PARIS — Intelsat’s bankruptcy court approved a replacement loan of $1.5 billion, including $1 billion to reimburse the previous facility, to head off what Intelsat said is an imminent liquidity crisis caused by delayed U.S. government reimbursements for satellite operators’ investment in C-band repackaging.

Until recently, both Intelsat and competitor SES had assumed that their $1-billion-plus investments in new satellites and a retrofitted ground segment would be reimbursed starting late this year.

SES said on Sept. 20 that it expected . . .

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