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Intelsat Files for Chapter 11 Before 5G Spectrum Sales

  • Satellite operator says it secured $1 billion in new financing
  • Seeks eligibility for almost $5 billion in relocation payments
Updated on

Intelsat SA, the satellite company weighed down by almost $15 billion of debt, filed for bankruptcy protection as part of efforts to raise cash needed to prepare its spectrum for a U.S. government auction.

With its Chapter 11 filing in Virginia, the Luxembourg-based company said it lined up $1 billion in financing to fund operations during bankruptcy proceedings and make investments required ahead of the auction.