Intelsat files for bankruptcy in 2020
In May 2020, Intelsat filed for Chapter 11 bankruptcy in order to manage its large debt load and participate in the FCC’s C-band spectrum clearing program. The latter involves removing Intelsat, a globally competitive satellite service provider, from a specific frequency and compensate the company accordingly. However, prior to them receiving these funds Intelsat is required to clear the spectrum, or replace the satellite and ground network currently in place. To raise the $1.0 billion dollars necessary to meet the FCC’s deadline for clearing activities and receive the $4.9 billion in relocation payments, bankruptcy was declared to restructure the company’s $15.0 billion debt load and raise the funds necessary to initiate this process. The spectrum clearing comes amid the push to expand mobile data services with 5G standards that use part of the C-band. The company has since successfully met the FCC’s deadline in addition to significantly reducing its debt load to $7.0 billion.
New Activity|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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