SES drops part of its C-band relocation-proceeds sharing claim, removing obstacle to Intelsat’s emergence from Chapter 11

by Peter B. de Selding

PARIS — SES has withdrawn its objection to Intelsat’s plan of reorganization to exit Chapter 11 bankruptcy and dropped its claim of $1.35 billion in punitive damages against Intelsat in return for concessions on how Intelsat’s post-bankruptcy assets will be distributed.

The agreement removes a major obstacle to Intelsat’s emergence from Chapter 11 as a company whose $15-billion in debt will have been reduced by about 50%.

Despite its lower debt load, the post-bankruptcy Intelsat faces continued headwinds in . . .

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