14 (Xinhua) — Intelsat, the world’s largest commercial satellite service provider, said Thursday it has filed for bankruptcy protection in the United States, becoming the latest victim of severe business disruption caused by the new coronavirus pandemic. The company said it had secured $1 billion in bankruptcy protection financing to help it maintain operations during the restructuring.
The new crown outbreak has had a wide-ranging financial impact on sectors, including retail and aviation, with many companies going bankrupt as a way to restructure their finances and save on debt.
Intelsat is one of several companies that will participate in the C-band spectrum acceleration removal program under the Federal Communications Commission’s (FCC) order. The Luxembourg-based company said in a statement: “Intelsat will need to spend more than $1 billion on liquidation spending to meet the FCC’s deadline to expedite the clean-up and ultimately qualify for $4.87 billion in accelerated relocation payments.” “