PARIS — Intelsat filed for Chapter 11 bankruptcy protection on May 13, saying it had received commitments for $1 billion in debtor-in-possession funding to invest in clearing C-band spectrum in the United States and qualify for $4.87 billion in U.S. Federal Communications Commission (FCC)-promised incentive payments.
Intelsat’s decision, whose timing was triggered by a default on one of its bond payments, is a partial answer to a question raised in the hallways of every satellite conference in recent years: With some $14 billion . . .
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