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Intelsat files for Chapter 11 bankruptcy
Posted: Sun, May 17, 2020, 11:09 AM ET (1509 GMT)
Satellite operator Intelsat filed for Chapter 11 bankruptcy Wednesday night as part of a financial restructuring. The company said it had lined up $1 billion of new financing, along with existing cash, that will fund ongoing operations and allow it to make new investments. Intelsat said it doesn't expect any changes to its day-to-day operations or its workforce. The company said the Chapter 11 filing and restructuring are intended to allow the company to participate in an accelerated clearing of satellite C-band spectrum by the FCC for 5G services.
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