Intelsat Asks for License Transfers as Part of Chapter 11 Reorganization

As part of its plan to emerge from its Chapter 11 bankruptcy reorganization (see 2108250003), Intelsat asked the FCC to transfer its agency license and authorizations to New Intelsat. In a set of International Bureau filings Thursday (for example, see here), it said it expects the U.S. Bankruptcy Court in Richmond to approve the reorganization plan in October. It said New Intelsat's ownership structure would have Pacific Investment Management Company (PIMCO) indirectly holding about 32.8% of the voting and equity interests, and no other shareholder would directly or indirectly hold 10% or more of the voting or equity interests. It said its new board would be made up of its CEO, two people selected by PIMCO, a person with industry experience selected by PIMCO but who can't be an employee of or otherwise tied to PIMCO, and three people selected by CarVal Investors, Davidson Kempner Capital Management and Appaloosa Management, respectively.