SoftBank’s first pass at Intelsat bondholders comes up empty

by Peter B. de Selding

A successful purchase of Intelsat debt by SoftBank will depend on a common assessment of the relative strengths of Intelsat and startup Internet satellite constellation network OneWeb. Credit: SoftBank


PARIS — Bondholders of satellite fleet operator Intelsat gave a thumbs-down to a $1.7-billion debt-exchange offer proposed and negotiated by SoftBank of Japan, forcing Intelsat to extend the offer to May 10, Intelsat said April 21.

As of the April 20 deadline, less than 1 percent of the bondholders being asked to exchange their shares for cash and new Intelsat debt had signaled support for the transaction . . .

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