Intelsat SA has submitted for individual bankruptcy security and attained a determination of $one billion in debtor-in-possession financing to enable it participate in an upcoming federal airwave auction in December.
The satellite operator, which is saddled with a debt of $fourteen.5 billion, is turning to financial restructuring by way of Chapter 11 individual bankruptcy. It aims to choose advantage of a planned Federal Communications Commission auction of spectrum, now in use by satellite operators. The FCC needs to repurpose this spectrum for 5G networks.
Intelsat said that to satisfy FCC clearing deadlines and be suitable to acquire $4.87 billion of