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
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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.