(Reuters) – Satellite operator Intelsat SA said late on Wednesday that it filed for Chapter 11 bankruptcy protection, making it the latest casualty of severe business disruptions caused by the COVID-19 pandemic.
The company listed assets and liabilities in the range of $10 billion to $50 billion, according to a filing in the U.S. Bankruptcy Court for the Eastern District of Virginia.
Intelsat also said it had received $1 billion in debtor-in-possession financing.
The pandemic has inflicted widespread financial pain across sectors including retail and aviation, with many companies considering bankruptcy options as a way to restructure their debt load.
The company’s Chapter 11 filing comes more than a month after it suspended its 2020 outlook and said it would delay filing its first-quarter results.
Intelsat is among a number of companies that will participate in the accelerated clearing of C-band spectrum under the Federal Communications Commission (FCC) order to support a…
Source Reuters Tech News
Source link
