Deals
SoftBank's Satellite Merger Disintegrates as Debt Deal Rejected
- Combination with OneWeb will be terminated on June 2
- SoftBank has already begun talks with alternative partners
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Intelsat SA’s merger with SoftBank Group Corp.’s OneWeb Ltd. collapsed after bondholders rejected a debt swap that would have imposed steep losses on some creditors.
Intelsat notified OneWeb and SoftBank that its bondholders turned down its latest offer and that it expects the deal to be terminated on June 2, according to a statement on Thursday. Bonds issued by Intelsat, which was seeking to ease a debt burden of about $15 billion, plunged after the announcement.