PARIS — Intelsat reduced its 2020 revenue forecast by 8.2%, to just under $1.8 billion, citing the Covid-19 pandemic’s effects on the company’s aeronautical and maritime customers as well as its occasional-use business providing sports or cultural events.
The company estimates that revenue will come in $160 million below its earlier target of $1.955 billion, the midpoint of guidance provided in February.
The reduced revenue forecast was an aggravating factor in Intelsat’s decision to file for Chapter 11 bankruptcy protection . . .
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