Intelsat secures nearly $7 billion in new funding as company exits Chapter 11 process

Intelsat secured $6.7 billion in new funds and reduced its debt by more than 50% after the satellite operator completed its financial restructuring process.

The company said Wednesday that its new sources of funding are secured notes, a term loan and a revolving credit facility. As part of a reorganization plan, Intelsat reduced its debt from about $16 billion to about $7 billion.

Intelsat CEO Stephen Spengler said the company will continue with its innovation and network plans, advance growth initiatives and strategic goals, and build a software-defined 5G network.

Spengler will join six new directors on Intelsat’s board, which will be chaired by Lisa Hammitt, executive vice president and chief technology officer of Davidson Technologies.

Other members of Intelsat’s board of directors are James Bolin, partner and portfolio manager at Appaloosa; Roy Chestnutt, board member of Telstra and Digital Turbine; Marc Montagner, former CFO of Endurance International Group Holdings; Easwaran Sundaram, Chief Operating Officer at Tailwind Capital; and Jinhy Yoon, EVP and Credit Analyst at PIMCO.

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