Intelsat Asks Court to Confirm Ch. 11 Reorg Plan

Intelsat asked U.S. Bankruptcy Court in Richmond to sign off on its Chapter 11 bankruptcy reorganization plan, filing on Tuesday a proposed answer confirming the reorganization plan (docket 20-32299). Intelsat said it's "particularly compelling" that the plan has support including more than 90% of its pre-bankruptcy capital structure, groups representing more than 80% -- or $11.9 billion -- of its funded debt, the unsecured creditors' committee and satellite operator SES. The company's U.S. operations would receive the $1.2 billion for meeting the FCC's accelerated C-band cleaning deadline.