Intelsat has a new board, less debt
February 28, 2022
McLean-based satellite operator Intelsat Corp. announced on February 23 that it had exited its financial restructuring process nearly two years after filing for Chapter 11 bankruptcy.
The company’s debt has been reduced by nearly $16 billion to $7 billion, according to a press release.
Intelsat secured $6.7 billion in new funding. The company has a new board, which includes Intelsat’s CEO, and six new directors, including chairwoman Lisa Hammitt.
“For more than 50 years, Intelsat has been at the forefront of innovation in our industry and delivering high-performance services to our customers,” Stephen Spengler, CEO of Intelsat, said in a statement. “Now that our financial restructuring has been successfully completed, we are driving Intelsat’s future development and growth from an even stronger position.”
Spengler said the company had significantly less debt and new funding. About a year ago, the company’s creditors approved the restructuring.
“We are better positioned than ever to fuel the success of our customers and partners, achieve our strategic objectives and accelerate our growth. Building the world’s first unified, software-defined, satellite-based 5G global network is just one of many groundbreaking Intelsat projects underway.