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Intelsat gets three-month exclusivity extension in light of mediation
By Sarah Lizee
Olympia, Wash., Sept. 9 – Intelsat SA secured a three-month extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Virginia.
Specifically, the court extended the plan filing period through Nov. 13 and the solicitation period through Jan. 13, 2022.
The company said in its motion that with the support and guidance of a mediator, the debtors reviewed and considered every significant creditor proposal in mediation and pushed their divergent stakeholders to resolve issues.
“The mediation is confidential, and therefore, the debtors cannot describe in detail the numerous proposals and term sheets that have been exchanged, and phone calls, video conferences and in-person meetings that have occurred in the nearly four months since mediation began,” Intelsat said in its motion.
“However, the parties’ willingness to continue to mediate, despite initial reluctance or pessimism regarding the possibility of consensus speaks for itself.”
The company said additional consensus is slowly but surely forming as some of the parties reach agreement in principle on key terms.
“What the parties need now is not a premature end to exclusivity, which could lead to extensive litigation, competing plans, and confusion, but rather to remain focused on finishing the hard work that has been accomplished to date in mediation and throughout these cases,” the company said.
Intelsat is a Luxembourg-based satellite telecommunications company. The company filed bankruptcy on May 14, 2020 under Chapter 11 case number 20-32299.
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