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 Link to Intelsat.com


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 All Former Employees of Intelsat 

 
The IRAA meets annually each October for its General Assembly. It also holds an early Summer picnic jointly with COMARA (Comsat Alumni & Retirees Assoc.) and Intelsat staff between MAY-JUN; late Summer Social between AUG-SEP; Winter Social between JAN-FEB, as well as an occasional Golf Outing between AUG-SEP.

All events provide a great opportunity for old friends & former colleagues to gather for memorable occasions of fellowship and camaraderie.


If you are not yet a member of the IRAA and would like to join, please CLICK here.

 

Intelsat Class Action gathers pace
Posted:  
27 January 2023

by Chris Forrester -- January 26, 2023

The long-running Class Action inside trading allegations brought by some investors in Intelsat is coming to a head.  The action centres on allegations that Dave McGlade, then chairman of Intelsat, in 20189, together with some major Intelsat stock holders, sold significant portions of their holdings following a specifric meeting between Intelsat and key officials the FCC where news emerged that the Intelsat and SES C-band prviate auction scheme would not be permitted by the FCC.

Back on Nov ember 4th 2022, the judge hearing the Class Action dismissed the Plaintiffs' (Wlleye Opportunities Master Fund, on behalf of its Class Action associates) move but allowed them to resubmit their claim with extra detais.

Click HERE for further details from Advanced Television

 

Intelsat left SES "on the hook" for C-band costs
Posted:
21 January 2023


January 20, 2023

 

SES has filed its response to Intelsat's bankruptcy court, arguing that when the two parties signed the 2018 [C-band] Consottium Agreement SES and Intelsat not only agreed to share equally in any proceeds resulting from clearing the C-Band, but they also agreed to share equally in expenses incurred in connection with their efforts -- whether or not the parties realised any proceeds from the C-Band clearing.

 

SES's response says that when Intelsat repudiated the Consortium Agreement, Intelsat did not comply with its expense reimbursement obligations, leaving SES on the hook for tens of millions of dollars in expenses incurred on behalf of the C-Band Alliance.  The claim is for $11.6 million.

.

Click HERE for further details from Advanced TV.

 

Intelsat pursues Africa's unconnected
Posted:
20 January 2023


J
anuary 19, 2023

By Chris Forrester

Intelsat is making a concerted commitment to enhancing day-to-day network quality and helping African communications service providers (CSPs) deliver secure and affordable connectivity across the continent.

“Satellite communications providers (CSPs) have historically rushed to the rescue in the aftermath of a natural or manmade calamity that rendered a local terrestrial network unavailable. Today, Intelsat is making a concerted commitment to enhancing day-to-day network quality and helping African CSPs deliver secure and affordable connectivity across the continent,” said Intelsat’s Director of Sales, Africa Hans Geldenhuys in a blog post.

.

Click HERE for further details from Advanced TV.

 

Japan Airlines offers free Intelsat IFC
Posted:
4 January 2023


 

by Chris Forrester - January 3, 2023

 

A California court cleared Intelsat's pre-bankruptcy major shareholders of insider trading allegations on September 27th.

 

The action started in late 2019 with allegations over violations of the federal securities laws.  The lawsuit alleges that the named defendants violated the Exchange Act by selling Intelsat shares while they were in possession of material non-public information, including that Intelsat SA had met with the FCC on November 5th 2019, to discuss the private sale of certain frequencies controlled by Intelsat SA for future 5G use (the 'C-Band')

 

 

SES vs Intelsat rages on
Posted:  
4 January 2023

by Chris Forrester -- January 3, 2023

A slew of legal documents were submitted to Intelsat’s Chapter 11 post-bankruptcy reorganisation on December 28th by lawyers for Intelsat.

In essence, the filings represent the Final Report on Intelsat’s post-bankruptcy proceedings and an application to close certain outstanding matters.

One particular argument is over $12 million of expense and cost claims (“Bill of Costs”) made by SES in relation to its litigation – which is still running – over the 50/50 division of the FCC’s C-band incentive payments.

This batch of documents – the core filing runs to 159 pages – are all part of the wrapping up of Intelsat’s post-bankruptcy actions following on from Intelsat’s exiting of bankruptcy back in February 2022.

The US Bankruptcy Court at Richmond, Virginia, issued a formal notification of these final hearings back in October 2022. The motion to disallow the SES claim is set to be heard on January 31st.

Lawyers for Intelsat are arguing that “SES cannot succeed on these Expense Claims under any theory [and that] SES in fact owes Intelsat multiple millions of dollars.”

Any objections to the application must be filed by January 24th.

Click HERE for further details from Advanced Television

 

Powerful Ariane 5 rocket launches 3 satellites to orbit
Posted: 16 December 2022

by Elizabeth Howell — December 13, 2022

A powerful European rocket sent three satellites to Earth orbit on Tuesday (Dec. 13).

An Ariane rocket lifted off from Europe's Spaceport in French Guiana on Tuesday at 3:30 p.m. EST *2030 GMT or 5:30 p.m. local time)

The rocket's star payload was Emetsat's Meteosat Third Generation (MTG) Imager-1, which will allow for "rapid detection and forecasting of severe weather events," according to a statement by Arianespace, the French company that operates the Ariane 5.

The newest generation of these satellites includes two new instruments, an imager and lightning imager, for higher-quality data to improve weather forecasting, according to a European Space Agency (ESA) statement.

The Ariane 5 also boosted the Galaxy 35 and Galaxy35 geosynchronous communications satellites to orbit on behalf of Intelsat, to replace the company's aging Galaxy 3C and Galaxy 28 satellites, respectively. (Intelsat has been refreshing its satellite fleet since 2020, and these satellites are the fifth and sixth of the refresh series.) 

Click HERE for further details from Space.com.

 

Intelsat court dates set
Posted:
13 December 2022


December 12, 2022

By Chris Forrester

 

A US bipartisan House Energy & Commerce Committee hyas introduced potential legislation to update the FCC's current satellite licensing rules.  One aspect will be the prohibition of Chinese businesses, although it is not yet completely clear whether the legislation will cover satellites where ownership - as distinct to components - includes Chinese companies.  This could affect Eutelsat and its merger with OneWeb, for example.  Eutelsat has a Chinese shareholder.

 

The legislation also covers Russia, although again further clarity will be need on operators which are correctly licensed by the ITU and how that would impact their US services.

.

Click HERE for further details from Advanced TV.

 

Intelsat court dates set
Posted:
8 December 2022


December 6, 2022

By Chris Forrester

 

Judge Jeffrey White has set some key dates in the Intelsat 'inside trading' class action allegatgions.  The judge has set the case to be "answered, or a Motion to Dismiss" on January 19th 2023.  Any Opposition filing must be made by March 2nd with a subsequent response from the Petitiners set with a deadline of March 30th.

 

The next Motion to Dismiss hearing is set for April 28th in Judge White's courtroom.

 

The complaint was originally mounted earlier this year but the judge dismissed the Federal Class Action but permitted the Plaintiffs to re-plead their case with more detail.  The claim has been resubmitted in the US District Court in the Northern District of California.  The Plaintiffs are asking for a jury trial.

 

Click HERE for further details from Advanced TV.

 

Intelsat 'insider trading' claim reinstated
Posted:  1 Decemberr 2022

by Chris Forrester -- December 1, 2022

Two major shareholders in the pre-bankruptcy Intelsat, plus the former chairman, are named again by Plaintiffs in a Class Action which alleges they took part in selling off investments in Intelsat help by inside knowledge.

The complaint was originally mounted earlier in 2022, but the judge in the case dismissed the Federal Class Action, nevertheless permitting to re-plead their case with more detail.  The claim has been resubmitted to the US District Court in the Northern District of California.  The Plaintiffs are asking for a jury trial.

Click HERE for further details from Advanced Television

 

Clearspace announces life extension collaboration with Intelsat
Posted 15 November 2022

by  — November 14, 2022

 

TAMPA, Fla. — ClearSpace, the Swiss orbital debris removal startup, said Nov. 14 it is planning a mission to extend the life of an Intelsat satellite before it runs out of fuel around 2026-2028.

The four-year-old company’s announcement gave no further details about its “collaboration” with Intelsat, which marks an expansion for ClearSpace out of plans to clean up debris in low Earth orbit (LEO) to servicing geostationary spacecraft.

Intelsat declined to comment on the specifics of its collaboration with ClearSpace.

“With this in-orbit servicing collaboration, besides the economic benefits of the services, Intelsat is supporting ClearSpace´s work towards an accessible, resilient and sustainable space economy,” Intelsat chief technology officer Bruno Fromont said.

ClearSpace aims to build on core capabilities it is already developing for the European Space Agency’s ClearSpace-1 program in 2025, the venture’s first mission, when it aims to use a spacecraft with four articulated arms to de-orbit part of a Vega rocket.

Separately in September, the UK Space Agency shortlisted groups led by ClearSpace and Japan-based in-orbit servicing venture Astroscale for a mission to remove two spacecraft from LEO in 2026.

Intelsat is currently the only satellite operator that has employed commercial life extension services.

Click HERE for further details from Spacenews.

 

SpaceX launches a pair of Intelsat satellites on expendable Falcon 9
Posted 15 November 2022

by  — November 14, 2022

TAMPA, Fla. — SpaceX successfully launched a second pair of C-band replacement satellites for Intelsat over the weekend on the final flight of a frequently used Falcon 9 booster.

A Falcon 9 carrying Galaxy 31 and Galaxy 32 lifted off Nov. 12 from Cape Canaveral, Florida, at 11:06 a.m. Eastern after a four-day delay caused by Hurricane Nicole.

In what has become a rare occurrence, SpaceX did not attempt to recover the Falcon 9’s booster for reuse following its 14th mission — which tied a reuse record for the company.

Using an expendable version of Falcon 9 enabled SpaceX to pack more propellant into the rocket for sending the Maxar Technologies-built satellites to a supersynchronous transfer orbit, rather than an orbit with an apogee below geostationary orbit (GEO).

Jean-Luc Foreliger, Intelsat’s senior vice president of space systems, said the operator paid a premium for this mission because the satellites needed an extra boost toward their final GEO destinations.

Click HERE for further details from Spacenews.

 

Intelsat orders small GEO satellite from 3D printing specialist
Posted:  8 November 2022

by Jason Rainbow -- November 7, 2022

TAMPA, Fla. — 3D printing specialist Swissto12 said Nov. 7 it has sold its first small satellite to Intelsat for a launch to geostationary orbit (GEO) in 2025.

Intelsat 45 (IS-45) will be based on Swissto12’s HummingSat satellite platform, which at about the size of a dishwasher is one-tenth the size of conventional GEO satellites.

At just one cubic meter in volume, Swissto12 CEO Emile de Rijk said HummingSats are “at least 3 times cheaper” than larger telecoms commercial satellites in GEO.

HummingSats will also have the same coverage area as traditional spacecraft in GEO, de Rijk said via email, although with less capacity because of their reduced space for transponders and power.

Intelsat 45 will have 12 Ku-band transponders, about a fourth as many as a classic mid-sized Intelsat satellite.

Click HERE for further details from Spacenews

 

FCC plans revamped Space Bureau
Posted:  4 November 2022

by Colin Mann -- November 3, 2022

Federal Communications Commission Chairwoman Jessica Rosenworcel has unveiled a plan to reorganise the agency better to support the needs of the growing satellite industry, promote long-term technical capacity at the FCC, and navigate 21st global communications policy.

Under this plan, Chairwoman Rosenworcel will work to reorganise the FCC's International Bureau into a new Space Bureau and a standalone Office of International Affairs.  These changes will help ensure that the FCC's resources are better aligned so that the agency can continue to fulfill its statutory obligations and keep pace with the rapidly changing realities of the satellite industry and global communications policy.

Click HERE for further details from Advanced Television

 

SES outlines Intelsat appeal
Posted:  1 November 2022

by Chris Forrester -- October 31, 2022

Lawyers for SES submitted their bundle of documnts to the Appeal Court on October 28th, following up on their formal appeal lodged on October 14th with the US District Court for the Eastern District of Virginia.

In its 'statement of issues' the SES team will argue that Intelsat's bankruptcy count "erred in holding that the plain language of the [SES and Intelsat] Consortium Agreement - [which] mandated a 50/50 split of the [FCC's incentive payments] unambiguously excluded billions of dollars in incentive payments that the FCC awarded based on Intelsat's joint work with SES."

Click HERE for further details from Advanced Television

 

Satellite operators gear up for Asia's tidal wave of satellite capacity
Posted:  21 October 2022

by Jason Rainbow -- October 20, 2022

Terry Bleakley, regional vice president of Asia Pacific for Intelsat, discussed the industry's supply and demand expectations Oct. 18 during  APSCC 2022. Credit APSCC Webcast

TAMPA, Fla. -- Satellite operators in Asia are banking on soaring demand for connecting plane passengers and other customers on the move to absorb an exponentially increasing supply of capacity in the region.

More integration between satellite and mobile network operators will also create new opportunities for putting this anticipated glut of supply to work, executives said Oct. 18 during the APSCC 2022 Satellite Conference and Exhibition in Seoul, South. Korea.

Northern Sky Research expects global capacity supply to soar from about 39 terabits per second (Tbps) today to 172 Tbps by 2030.

More than 61 Tbps of this satellite capacity is on track to cover Asia by 2030, according to Jose Rosario, research director at Northern Sky Research.

Click HERE for further details from Spacenews

 

Help Us Find These Members
Posted: 
21 October 2022

We have lost contact with these members below.  If you have any information on how to contact them, please send us an EMail at:  info@myiraa.comm

Mildred Coover
John Crispin

Lydia Esguerra
Fred Foldvary
Roy Lee Huffman
Jethro Shedrick

 

SES to appeal Intelsat C-band sharing decision
Posted:  18 October 2022

by Jason Rainbow -- October 17, 2022

Intelsat plans a multi-layered strategy post-restructuring to tailor connectivity services to diverse markets.  Credit Intelsat

TAMPA, Fla. -- SES filed plans Oct. 14 to appeal a court's decision last month that disallowed its bid to equally split nearly $9 billino of anticipated C-band clearning proceeds with Interlsat.

SES will ask the U.S. District Court for the Eastern District of Virginia to review the decision, which the U.S. Bankruptcy Court for the Eastern District of Virginia made Sept. 30 after more than two years of legal action.

The satellite operator brought a $1.8 billion claim to the bankrupcty court in July 2020, two months after Intelsat filed for Chaptl get for clearing C-band spectrum for terrestrial telcos.er 11, over a broken agreement to split proceeds they would get for clearing C-band spectrum for terrestrial telcos.

Click HERE for further details from Spacenews

 


Two Intelsat relay satellites ride to orbit in Space X rocket
Posted: 9 October 2022

 

SpaceX launched a pair of four-ton Intelsat communications spacecraft from Cape Canaveral at twilight Saturday evening, two days later than planned after back-to-back scrubs, on the third flight of a Falcon 9 rocket this week.

The Falcon 9 rocket lit nine kerosene-fueled Merlin 1D engines and thundered away from Cape Canaveral Space Force Station at 7:05 p.m. EDT (2305 GMT) Saturday. Thrust vector controls pivoted nine main engines to steer the 229-foot-tall (70-meter) rocket due east from pad 40, and the Falcon 9 raced through the speed of sound in less than a minute.

Click HERE for further details from Spaceflight Now.

 

SES loses Intelsat claim
Posted:  4 October 2022

October 3, 2022    |    By Chris Forrester

A Virginia bankruptcy court has ruled ("disallowed") the action by SES against Intelsat for a 50 per cent share of the FCC's C-band incentive payments.  The Court has allowed SES to appeal the decision it it so wishes.

SES says it is disappointed with the ruling "it is reviewing with outside counsel its options to appeal," says a statement.

Click HERE for further details from Advanced Television

 

Intelsat Class Action could continue
Posted:
30 September 2022


September 28, 2022

By Chris Forrester

 

On September 28th, we reported that a California judge cleared Intelsat's pre-bankruptcy major shareholders of a Class Action insider trading allegations.  Our report was accurate, but Judge Jeffrey White, from the US District Court for the Northern District of California, left a potential sting in the tail of his ruling.

 

The judge said that while the Action failed to describe the level of intention needed for an inside trading claim, the would-be Action plaintiffs may re-plead their claims and allegations.  The court noted, among other things, that the confidential witnesses do not point to any communications between CEO Steve Spengler and the Board on November 5th.  The court concluded that plaintiffs failed to sufficiently allege that the defendants possessed material non-public information and they they acted with scienter (intent or knowledge of wrong doing).

 

Click HERE for further details from Advanced TV.

 

Intelsat 'insider trader' action fails
Posted:
30 September 2022


September 28, 2022

By Chris Forrester

 

A California court cleared Intelsat's pre-bankruptcy major shareholders of insider trading allegations on September 27th.

 

The action started in late 2019 with allegations over violations of the federal securities laws.  The lawsuit alleges that the named defendants violated the Exchange Act by selling Intelsat shares while they were in possession of material non-public information, including that Intelsat SA had met with the FCC on November 5th 2019, to discuss the private sale of certain frequencies controlled by Intelsat SA for future 5G use (the 'C-Band')

 

Click HERE for further details from Advanced TV.

 

Viasat, Inmarsat, get UK merger approval
Posted:
18 September 2022

September 16, 2022   |    By Chris Forrester

Viasat and Inmarsat have received the UK government’s approval for their proposed merger.

The UK’s Secretary of State for Business, Energy and Industrial Strategy (BEIS) has announced that the transaction does not pose a risk to the UK’s national security.

In March 2022, the companies committed to economic undertakings with BEIS, which underlined their pledge to strengthen and advance the UK’s National Space Strategy. The economic undertakings include an expansion in the number of highly skilled jobs in key areas and a 30 per cent increase in overall research and development spending in the UK.

Click HERE for further details from Business Standard.

 

Intelsat promises transformation
Posted: 15 September 2022


September 15, 2022    |    By Chris Forresterr

Intelsat’s new CEO David Wajsgras spoke to delegates at the Euroconsult Paris World Satellite Business Week and said that Intelsat was looking at transformation on multiple levels.

Intelsat is now fully emerged from bankruptcy although also surrounded by rumours that there could be a merger with arch-rival SES.

Wajsgras joined Intelsat in April. He told delegates: “The way the industry looks today with the core players may or may not look the same in the next couple of years. We’re thinking through at Intelsat what’s the best path forward for us and we’re considering various types of opportunities that will help support our growth path. I’m sure I’m not the only one.”

Click HERE for further details from Advanced TV.

 

Intelsat lawyers explain chapter 11 challenges
Posted:
15 September 2022

September 12, 2022
 
 
Steven Serajeddini, a partner in giant US law firm Kirkland & Ellis, which represented Intelsat during its Chapter 11 restructuring, has explained to LevFin Insights how, as debtors’ counsel, they overcame many of the challenges faced by Intelsat during the process. He said that key to the settlement was consensus although it took “two hard-fought years” to get the result.

Admitting that it took “blood, sweat and tears” to achieve agreement, full consensus only came about at the 11th hour.

Serajeddini said: “Folks are going to remember [the bankruptcy] for a long time. Part of it obviously is the size of the matter. It’s one of the largest filings of the past couple of years, and in addition to that, it had unique complexity in terms of how it started, which was a company whose greatest source of value rested in the hands of how the FCC would approach monetisation of its C-Band [spectrum].”

Click HERE for further details from Advanced TV.

 

Intelsat wins $150m Alaskan contract
Posted:  15 September 2022

September 9, 2022    |    By Chris Forrester

Alaskan service provider GCI has signed a $150 million contract with Intelsat to expand telecoms capacity in rural areas of the US state.

GCI is already very experienced in providing satellite-based services. It has delivered geosynchronous (GEO) satellite-based connectivity for 35 years to provide data, video and voice services in the state. The new deal not only provides GCI with continued access to C-band and Ku-band capacity, which is already part of GCI’s satellite service portfolio, but it also provides new access to statewide Ka-band capacity.

Intelsat says it will supply a multi-satellite solution over a new and enhanced managed earth station platform and a tri-band (C, Ku and Ka) network that will cover the entire state of Alaska.

Click HERE for further details from Advanced Television

 

Welcome New Members
Posted:28 August 2022

We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

August 2022

Maria-Marta Andrade
Aissatou Bah
Junie Nathani

 

Devas Multimedia seizes $87,457 cash in US in Antrix Corporation dispute
Posted:
18 August 2022

Press Trust of India  |  New Delhi 

Devas Multimedia has seized USD 87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a USD 1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday.

Devas Multimedia America Inc had sought seizure of USD 145,000 but the actual recovery was USD 87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said.

Click HERE for further details from Business Standard.

 

 

Intelsat, One-Web IFC Deal
Posted: 16 August 2022


August 12, 2022

By Chris Forrester

Intelsat and OneWeb have signed a “global distribution” partnership, an initiative to provide a global service for In Flight Communications and broadband to aircraft.

Intelsat already has considerable skin in the game because it bought in 2020 the commercial aviation connectivity business from Gogo for what many have seen as being a timely ‘bargain’ of $400 million (€388m). Gogo is still very much active but now concentrates only on business aviation and private jets.

Click HERE for further details from Advanced TV.

 

Satellites maker SES beats profit estimates, sees upside to market consolidation
Posted:
4 August 2022

The Financial Times reported on Thursday SES was in talks to merge with its U.S. rival Intelsat SA, signaling consolidation in the rapidly changing industry.
  • Reuters  August 04, 2022, 13:24 IST

    By Dina Kartit and Elena Vardon

    Satellite company SES's CEO reiterated on Thursday he saw industry consolidation as a good thing for the highly competitive market, but would not comment on merger rumours after the group posted stronger-than-expected half-year earnings.

    Te Financial Times reported on Thursday SES was in talks to merge with its U.S. rival Intelsat SA, signally consolidation in the rapidly changing and competitive industry.

    "We've talked on this call and on analyst calls about industry consolidation and how that is...from my perspective at least, a good thing for the industry, but we obviously don't comment on any market rumours or speculation," Chief Executive Stevbe Collar told reporters in an earnings call.

  • Click HERE for further details from ET Satcom.

     

    SES, Intelsat merger talks?
    Posted:
    4 August 2022


    August 4, 2022

    By Chris Forrester

    SES and Intelsat are reportedly in talks about a possible combination, says the Financial Times.

    The two satellite giants are in active discussions about the structure of any potential deal, according to three people familiar with the matter, says the FT, as a wave mergers and acquisitions sweeps aceross the satellite industry.  "Neither wants to be the last one standing," said one person close to the matter.

    Click HERE for further details from Advanced TV.

     

    Eutelsat and OneWeb to combine:  a leap forward in Satellite Connectivity
    Posted: 2 August 2022

    PRESS RELEASE -26 JULY 2022 07;01

    • Eutelsat and key OneWeb shareholders [1] sign a Memorandum of Understanding with a view to combining Eutelsat and OneWeb in an all-share transaction.

    • Eutelsat shareholders and OneWeb shareholders [2] would each hold 50% of the Eutelsat shares.

    • Compelling financial profile with:

      • Potential for double-digit revenue and EBITDA CAGR over the medium to longer tyerm;

      • Eutelsat's strong cash flow generation providing visibility and funding to support continued expansion into the LEO market through OneWeb's next generation of satellites;

      • Over €1.5bn potential incremental value-creation after tax (net of implementation costs) stemming from revenue, capex and cost synergies.

    • Balanced board and governance structure, to include Eutelsat’s Chairman and its CEO, OneWeb’s Chairman, and a significant number of independent directors proposed by Eutelsat and OneWeb’s shareholders, at Extraordinary General Meeting.
       
    • Fully backed by a strong set of strategic shareholders of both entities, including Bpifrance and Fonds Stratégique de Participations who have undertaken to vote in favour of the transaction-related resolutions at this EGM, subject to usual conditions. CMA CGM, a shareholder of Eutelsat, is also supporting the combination.
    • Representing a transformational transaction, built on the strong foundations established in April 2021 with Eutelsat’s initial investment in OneWeb, this combination creates a global leader uniquely positioned to capture the Connectivity market with complementary GEO/LEO[3] offering.
    • Combined entity strongly positioned to address the fast-growing global Connectivity market..

    • The transaction values OneWeb at $34.4bn implying a value of €12 per Eutelsat share (including the dividend, before synergies).

    • Eutelsat to propose a €0.93 per share dividend with a scrip option in respect of FY 2021-22 at its upcoming AGM. Such dividend will not impact the exchange ratio.

    • Eutelsat will continue to be listed on Euronext Paris and apply for admission to standard listing on the London Stock Exchange.

    Click HERE for further details from Eutelsat

     

    Further bad news for Eutelsat/OneWeb
    Posted:
    1 August 2022

    The EU has firmly ruled out the proposed Eutelsat/OneWeb merger as qualifying as the likely candidate for the EU's own planned Low Earth Orbiting (LEO) broadband constellaton.

    As reported by Sami Kassab, satellite analyst at investmnet back Exane/BNPP, Christopher Grudier, the member of the European Parliament in charge of the EU's LEO satellite project announced that "a rapprochement of OneWeb with the Europeransat constellation seems impossible".  He claimed that "the EU cannot accept a UK veto on a secure connectivity infrastructure".  He argued that "the European Union needs to have full control over its satellites without a risk of hindrance by an outside actor."  Adding "Europe will not compromise on this point".

    Grudier is referring to the golden share the UK Government has in OneWeb, and which Eutelsat says would remain in place once the 'merger' with OneWeb goes ahead.  The 'golden share' has teh ability to block the sale of OneWeb capacity to undesired countries.

    Click HERE for further details from Advanced TV.

     

    Help Us Find These Members
    Posted: 
    31 July 2022

    We have lost contact with these members below.  If you have any information on how to contact them, please send us an EMail at:  info@myiraa.comm

    Mildred Coover
    John Crispin

    Lydia Esguerra
    Fred Foldvary
    Roy Lee Huffman
    Jethro Shedrick

     

    Eutelsat+OneWeb: "Disappointing valuation" says bank
    Posted:
    27 July 2022

    Investment bank Exane/BNPP, in a comprehensive report on the proposed merger between satellite operator Eutelsat and Low Earth Orbit constellation OneWeb, says the "increase in interest rates, inflation, the war in Ukraine, [OneWeb] Gen2 funding requirements all suggest a bit of patience could have improved the financial outcome for minority shareholders...but the new EU space policy apparently has precedence".

    Analyst Sami Kassab, author of the report, says the bank believes the timing of this deal has to be seen first and foremost in the context of the new European space policy and of the French government's geopolitical agenda.  Nevertheless, he describes the merger as "profoundly changing the economic model of Eutelsat".

    Click HERE for further details from Advanced TV.

     

    Eutelsat,OneWeb to merge;Bharti to be single largest shareholder
    Posted:
    26 July 2022

    Eutelsat and OneWeb Ltd are set to combine in an all-share deal valuing the UK satellite operator at $3.4 bn, a step toward creating a European champion to rival the likes of Elon Musk's SpaceX

    Topics

    Press Trust of India | New Delhi

    French satellite operator Eutelsat and key shareholders of Bharti-backed OneWeb have inked a pact for merger, entailing all-share transacton, a statement said on Tuesday.

    Post closing of the deal, Bharti Group will be the single largest shareholder of Eutelsat.

    The transactionj values OneWeb at USD 3.4 billion (over Rs 27,000 crore),according to a joint statement.

    Eutelsat willo combine its strong fleet of 36 Geostationary Orbit (GEO) satellites with OneWeb's constellation of 648 Low Earth Orbit satellites, of which 428 are currently in orbit.

    The announcement has a takeaway from the India market as well, where OneWeb had received the letter of intent for the GMPCS (Global Mobile Personal Communication by Satellite) licence from the Department of Telecom.

    Click HERE for further details from Business Standard.

     

    Welcome New Member
    Posted:
    18 July 2022

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    July 2022

    Hubert Keel

     

    Bank:  SES/Intelsat merger worthwhile?
    Posted:
    28 June 2022

    Equity analysts at Credit Suisse have asked a key question in a fresh report and pondering whether a merger between the world’s two biggest satellites operators, SES and Intelsat, both based in Luxembourg, would pan out.

    Their answer is a simple: you bet it would.

    The bank’s report (European Satellite: Scaling Up) suggests that there would be a 30 per cent uplift to the overall equity value of the rivals and make complete sense.

    Analyst Ben Lyons sums up the benefits saying that the theoretical proposal could make industrial sense as both the operators have global reach with more potential synergies, and both are pursuing Medium-Earth Orbit (MEO) strategies.

    Click HERE for further details from Advanced TV

     

    Credit Suisse Report Highlight Synergy  of Hypothetical SES/Intelsat Merger
    Posted: 26 June 2022

    By  | June 24, 2022

    A new report from Credit Suisse explores possibilities for consolidation among the largest companies in the satellite sector, estimating that in the event that SES and Intelsat merged, it could provide more than 30% uplift to the equity value. Credit Suisse shared the report, “European Satellite: Scaling Up” with Via Satellite.

    Ben Lyons, a satellite equity analyst at Credit Suisse said in the report that an SES/Intelsat merger “would make economic sense.” He says Credit Suisse believes theoretically it could make industrial sense to combine SES and Intelsat, as both have global reach with more potential synergies, and are pursuing Medium-Earth Orbit (MEO) strategies.

    “On our scenario analysis, a potential combination could generate synergies with an NPV [net present value] of $2.6 billion and, if SES captures half of those synergies, that would imply a roughly more than 30% uplift to the equity value. We believe consolidation for SES is more straightforward economically speaking as the OneWeb stake makes consolidation more complex, but not impossible, for Eutelsat,” he says.

    Click HERE for further details from Via Satellite

     

    Intelsat looks to wrap bankruptcy claims
    Posted: 20 June 2022

    June 17, 2022

    Lawyers for Intelsat's bankruptcy filed a motion to the satellite operator's bankruptcy court saying that they will b e apply for a 'Final Decree' on or before June 29th.  The doucmnet recognises that there may be other matteres and claims still outstanding after that date.

    Intelsat's Fourth Chapter 11 Plan of Reorganisation was filed back on December 17th 2021 and subsequently accepted by the court with Intelsat emerging from its Chapter 11 rteorganisation on Frebruary 23rd 2022.

    Click HERE for further details from Advanced TV

     

    Intelsat serving 10,000 vessles
    Posted:
    10 June 2022

    June 10, 2022

    By Chris Forrester

     

    Intelsat is now serving more than 10,000 vessels with its Flexmartime Service.

     

    Intelsat says it has more than 2,000 of its terminals in key martime markets since November 2021, that includemerchant shipping, fishing, leisure and offshore energy.

     

    Launched in 2017, FlexMaritime is powered by a globel, multi-layered, high-throughut satellite (HTS) network capable of deliver high density bandwidth and extremely high levels of service flexibility and reliability.

    Click HERE for further details from DEuropean Union

     

    Welcome New Members
    Posted:
    16 May 2022

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    May 2022


    Angela Maimo
    Daniel Stefanita

     

    Help Us Find These Members
    Posted: 
    22 April 2022

    We have lost contact with these members below.  If you have any information on how to contact them, please send us an EMail at:  info@myiraa.comm

    John Crispin
    Lydia Esguerra
    Roy Lee Huffman

     

    Welcome New Member
    Posted:
    6 April 2022

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    April 2022

    Raj Mehta

     

    David Wajsgras to Become Intelsat CEO
    Posted: 7 March 2022

    McLean, Va. – Intelsat, operator of the world’s largest integrated satellite and terrestrial network, has tapped David Wajsgras, as its next chief executive officer (CEO). Effective April 4, Wajsgras succeeds Stephen Spengler, who announced his planned retirement in Oct. 2021.

    Wajsgras has two decades of experience at the senior executive management level, providing operational, strategic and financial leadership in both the commercial and defense industries. He most recently served as president of the global, $7.5-billion, advanced-technology Intelligence, Information and Services (IIS) business at the former Raytheon Company, now part of Raytheon Technologies (NYSE: RTX). Before joining Raytheon as chief financial officer, Wajsgras was executive vice president and chief financial officer at Lear Corporation (NYSE: LEA) and held other key operations and leadership roles.

    “Dave Wajsgras is a results-oriented leader with a great track record of performance throughout his career,” said Lisa Hammitt, chairperson of the Intelsat Board of Directors. “He develops talent and builds teams, thinks and acts strategically, and engages positively with customers and other stakeholders to the benefit of the business. Dave is just the right person to lead Intelsat at this important time.”

    '''

    Click HERE for further details from Bloomberg

     

    Microsoft Does Private Wireless with Intelsat; updates Azure Cloud for AT&T
    Posted: 28 February 2022

    By Linda Hardesty - Feb 28, 2022 01:53pm

    Microsoft had a couple of telecom announcements to insert itself into the conversations this week around MWC 2022 in Barcelona.

    Microsoft said it worked with Intelsat to demonstrate a private wireless netowork.. Intelsat provided its integrated satellite and terrestrial networks, while Microsoft contributed various Azure technologies. The demonstration was held at Intelsat’s office in McLean, Virginia. It established a reference architecture for deploying private LTE and 5G networks over satellite to enterprise locations around the world.

    The demonstration was held at Intelsat's office in McLean, Virginia.  It established a reference architecture for deploying private LTE and 5G networks over satellite to enterprise locations around the world.

    For the demonstration, the two companies created a private LTE service using Azure Private 5G Core deployed on an Azure Stack Edge device.  Connectivity to the internet and Azure services was enabled by Intelsat's FlexEnterprise, which is the company's satellite-based global connectivity service.

    Click HERE for further details from Fierce Wireless

     

    Intelsat Collaborates with Microsoft to Demonstrate Private Cellular Network Using Intelsat's Global Satellite and Ground Network
    Posted: 27 February 2022

    McLean, Va., and Redmond, Wash. – Intelsat, operator of one of the world’s largest and most advanced integrated satellite and terrestrial networks, today announced the successful demonstration of a first of its kind private cellular network with Microsoft Azure Private Multi-Access Edge Compute and FlexEnterprise, Intelsat’s satellite-based global connectivity service.

    Held at Intelsat’s office in McLean, VA, the demonstration successfully establishes a reference architecture for deploying secure, high-performance private LTE and 5G networks and other cloud services over satellite networks to enterprise locations virtually anywhere globally, including those in remote and austere environments.

    The demonstration creates a private LTE service using Azure Private 5G Core deployed on an Azure Stack Edge device. Connectivity to the internet and Azure services is enabled by Intelsat’s FlexEnterprise. Via the private cellular network, users can access local enterprise resources via SIM-authenticated connections to the Azure Stack Edge and access remote resources through the FlexEnterprise connection, the IntelsatOne global network and Azure. Additionally, the LTE network powers a Wi-Fi access point and IoT applications. “As enterprises look to private cellular networks to improve the reach, security, and quality-of-service over Wi-Fi-only local networks, the ability to support deployments at any site is crucial to creating a fully connected organization,” said Jean-Philippe Gillet, SVP Global Sales Media & Networks, Intelsat. “The applications demonstrated here with Microsoft highlight the increased automation and standardization of enterprise data processing services that globally-available private cellular networks will enable. Support for high-bandwidth, low-latency networks is central to Intelsat’s vision of an end-to-end ecosystem for a global software-defined 5G network.”

    Click HERE for further details from Intelsat.

     

    Intelsat wipes out 9.5bn debit as it emerges from bankruptcy
    Posted: 25 February 2022

    Alan Burkitt-Gray   February 24, 2022 07:54 AM

    Satellite operator Intelsat has emerged from bankruptcy with its debt cut from US$16 billion to $7 billion, and with $6.7 billion in new finance.

    The move comes 21 months after the company - with a history that dates back more than 60 years - went into Chapter 11 protection under US bankruptcy laws. 

    The biggest new shareholder, with 32.8%, is Pacific Investment Management Company (Pimco), whose ultimate parent, according to the Federal Communications Commission (FCC), is Allianz SE, a Munich financial services company.

    Shares in the new Intelsat – which is registered in Luxembourg – will be traded on the over-the-counter (OTC) market.

    The new shareholders have put in place a new board of directors, chaired by Lisa Hammitt (pictured) and including CEO Stephen Spengler.

    Click HERE for further details from Capacity

     

    Welcome New Member
    Posted: 16 January
    2022

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    December 2021

    Muneo Abe

     

     

    Notification of Intention to Acquire Intelsat by Allianz SE
    Posted:
    7 January 2022


    Below found on the European Union website by a member:

    1.  On 21 December 2021, the Commission received notification of a proposed concentration pursuant to Article 4 and following a referral pursuant to Article 4(5) of Council Regulation (EC) No 139/2004 (1).

    This notification concerns the following undertakings:

    Allianz SE (‘Allianz’, GERMANY),

    Intelsat Holdings S.A. (‘Intelsat’, USA)

    Allianz acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control of the whole of Intelsat

    The concentration is accomplished by way of purchase of shares.

    2.  The business activities of the undertakings concerned are:

    for Allianz: Allianz is the ultimate parent of the Allianz group, a global financial services company active predominantly in relation to life and non-life insurance and asset management,

    for Intelsat: operation of satellite networks, ground networks and connectivity infrastructure and provision of diversified communications services to customers such as telecommunications operators, media companies, and internet service providers. Intelsat uses its satellites as relay stations in space for the transmission of voice, video, and data communications.

    Click HERE for further details from DEuropean Union

     

    Intelsat Achieves Confirmation of  Plan of Reorganization, Final Court Milestone in Financial Restructuring Process
    Posted:
    16 December 2021

    Fully Consensual Plan Will Reduce Debt by More Than Half and Position Company for Long-Term Success

    Early 2022 Emergence Expected as Company Builds World’s First Global 5G Satellite-Based, Software-Defined, Unified Network

    Commitments Obtained for Nearly $8 Billion in Exit Financing

    MCLEAN, VA -- December 16, 2021 -- Intelsat S.A. (OTC: INTEQ) announced today that the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, has approved its Plan of Reorganization, marking the final Court milestone in the Company's financial restructuring process.  Intelsat is poised to emerge from the process in early 2022 upon receipt of regulatory approvals, completion of certain corporate actions, and satisfaction of other customary conditions.

    The confirmed Plan will reduce Intelsat's debt by more than half -- from approximately $16 billion to $7 billion -- and position the Company for long-term success as it innovates and brings new services to market.  The Plan was supported by all creditor groups across Intelsat's capital structure following extensive negotiations and the ultimate consensual resolution of a multitude of complex issues.

    Click HERE for further details from Intelsat.

     

    Intelsat formal hearings commence
    Posted:
    7 December 2021

    Judge Keith L. Phillips opened the formal hearings into Intelsat’s Chapter 11 exit plan. The process is scheduled to last about 10 days. Around 216 lawyers and observers attended the Zoom meeting for sessions which were described as “complex”.

    The court was told that more than 90 percent of claimants against the various Intelsat entities had accepted the terms of the exit plan and bankruptcy reconstruction. The complexity was largely because of the many different Intelsat businesses as well as those Intelsat entities which traded from Luxembourg.

    Click HERE for further details from Advanced TV

     

    Welcome New Member
    Posted: 7 November
    2021

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    November 2021

    Maria Mills

     

    Intelsat CEO Stephen Spengler to Retire as Company Plans Chapter 11 Exit
    Posted:
    21 October 2021

    By  | October 21, 2021

     

    After almost seven years as CEO and more than 18 years at Intelsat, CEO Steve Spengler plans to retire once the company completes Chapter 11 financial restructuring and selects a successor. Intelsat announced the change Thursday morning, and said Spengler will lead the company until then. 

    The Intelsat news came as a surprise before the stock market opened on Thursday. Its stock closed 36% up on Thursday, and was up 81.82% after the announcement. 

    A senior Intelsat official told Via Satellite that they were not aware of Spengler’s retirement plans until the announcement was made.

    This was confirmed by another Intelsat official directly involved with the company’s strategic planning, who told Via Satellite, “It was a surprise to me. I think it was for people above me in the chain of command.”

    The strategy official added that Spengler has not made direct contact with their team. “He sent us an email. Basically [it was] the same as the press release.”

    Click HERE for further details from Satellite Today

     

    Betting on flexibility: Intelsat's post-bankruptcy growth strategy
    Posted: 18 October 2021

    SpaceNews spoke with Samer Halawi, Intelsat’s executive vice president and chief commercial officer, to learn more about the satellite giant’s post-restructuring growth strategy.

    Intelsat is devising a transformational business plan for after it emerges from bankruptcy restructuring later this year, including a big bet on software-defined satellites and potentially its own low-Earth-orbit broadband constellation.

    The operator, which has been in Chapter 11 bankruptcy protection for nearly a year and a half, issued a request for proposals (RFP) at the end of July for 10 satellites that could be reconfigured in-orbit for changing mission needs.

    Click HERE for further details from SPACENEWS

     

    Intelsat "steals billions" Claims SES
    Posted 13 October 2021

    Last week it was an Intelsat motion to its bankruptcy court that accused SES of being “on a warpath” as far as its allegations over SES claims concerning how the FCC’s C-band incentive payments were concerned.

    SES responded on October 11th with a detailed rebuttal saying it had proposed “numerous compromises” to Intelsat and asked the bankruptcy court to permit SES to take four depositions from Intelsat witnesses “who have personal knowledge highly relevant to SES’s objections”.

    Click HERE for further details from Advanced TV

     

    Intelsat: "SES on a Warpath"
    Posted 8 October 2021

    The long-running legal dispute between SES and Intelsat over the division of the FCC’s ‘incentive’ payments regarding the C-Band Alliance has provoked another tough response from Intelsat’s lawyers.

    A filing into Intelsat’s bankruptcy court on October 6 states that “SES has been on a warpath in this proceeding” and had spent millions of dollars “and imposing every burden it can think of in an effort to disrupt the restructuring of its chief competitor”.

    Click HERE for further details from Advanced TV

     

    Welcome New Members
    Posted: 27 September
    2021

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    September 2021

    Ellen Brager
    George Giagtzolou
    Tony Trujillo

     

    SES vs Intelsat Trial Delayed
    Posted:
    17 September 2021

    The SES claim against Intelsat for a potential $1.8 billion has been postponed.

    Judge Keith Phillips, who is overseeing Intelsat’s Chapter 11 bankruptcy reconstruction, had earlier confirmed that the trial date for the SES vs Intelsat dispute over FCC payment allocations would start on September 20th. A new date has not – as yet – been circulated.

    Click HERE for further details from Advanced TV

     

     

    SES Accuses Intelsat of 'siphoning' Billions
    Posted:
    1 September 2021

    It has long been a complaint from SES that Intelsat, in its complex Chapter 11 bankruptcy, is using associate and sister businesses to shift incoming cash (and in particular the so-called incentive payments from the FCC over the C-band reallocation of spectrum). SES describes the Intelsat action as playing a “shell game” and that Intelsat is using sleight of hand in how it proposes allocating the FCC’s incentive payments.

    The matter was raised again in a motion to Intelsat’s bankruptcy court on August 30th where SES again objected to the risk of Intelsat “siphoning billions of dollars from the Debtors’ principal operating entity, Intelsat US, and disadvantage SES, their main competitor and one of Intelsat US’s largest creditors.”

    Click HERE for further details from Advanced TV

     

     

    SES Demands Trial on It's $1.8bn Claim
    Posted: 27 August 2021

    On September 1st the Intelsat bankruptcy court is scheduled to hold a pre-trial hearing on the SES claim for a greater share of the FCC’s incentive payments due from the C-band clearing process and auction. SES, in a filing to the court on August 25th, is asking that the actual trial scheduled for September 20th be started on that date and not further adjourned or postponed.

    SES suggests that a trial over Zoom could ease challenges for all concerned and save case witnesses from both sides having to travel to Richmond, Virginia along with “hundreds of people” including lawyers and other experts involved with commensurate financial savings. A fixed date and remote Zoom hearing “Would give the parties some certainty; given the unpredictable trajectory of the Covid-19 pandemic and its effect on in-person proceedings, there is no guarantee that an adjournment would make it possible to proceed in person anytime in the near future.”

    Click HERE for further details from Advanced Television

     

    Intelsat Achieves Support of Nearly 75% of Funded Debt on Comprehensive Financial Restructuring
    Posted: 25 August 2021

    Key Creditor Groups Agree to Vote in Favor of Amended Plan of Reorganization

    Path to Emergence by End of 2021, with Company's Debt Reduced by More Than Half

    MCLEAN, VA - August 24, 2021 - Intelsat S.A. (OTC: INTEQ), operator of the world's largest and most advanced integrated satellite and terrestrial network, today announced that it has achieved the support of key creditor groups across the capital structure on the terms of a comprehensive financial restructuring that would reduce the Company's debt by more than half - from nearly $15 billion to $7 billion - and position the Company for long-term success.

    The Company has filed an Amended Plan of Reorganization in its Chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, accompanied by an explanatory Disclosure Statement.  The Amended Plan has the support of holders of approximately $11 billion, or nearly 75% of the Company's funded debt.  These supporting creditors have executed a Plan Support Agreement that binds their support for the Company's Amended Plan.

    The Company is seeking Court approval of the Disclosure Statement and to establish procedures to solicit votes on the Amended Plan at a hearing scheduled for September 1, 2021.

    Click HERE for further details from Intelsat

     

    Welcome New Members
    Posted: 24
    August 2021

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    August
    2021

    Lawrence (Larry) Brown
    Michael J. Brown
    Yao
    Gao
    Mic
    hael Goldstein

    Ana
    Maria Puch
    Vince Wali
    sko

     

    SES vs Intelsat hearings: Public barred
    Posted:
    20 August 2021

    The August 19th application by Intelsat and SES to have much of their court arguments heard privately was granted by Intelsat’s Chapter 11 bankruptcy Judge.

    Despite a strong case submitted by the US Trustee, who argued that the two litigants were seeking to close the courthouse door during their submissions and that the public had a right to know what was being presented to the court, Judge Keith Phillips ruled that the elements of the SES and Intelsat submissions – whether confidential or not – could remain ‘sealed’ and with the court proceedings only available (and viewable on Zoom) to approved lawyers for the parties involved.

     

    Click HERE for further details from Advanced Television

     

    Musk's Space Push Forces Satellite Rivals into Merger Mode
    Posted:
    20 August 2021

    (Bloomberg) -- Plans by Elon Musk and Jeff Bezos to launch thousands of satellites into orbit are forcing an industry that’s traditionally wary of mergers to prepare for consolidation.   The billions of dollars that Musk is pouring into his Starlink broadband internet service are skewing the economics of space for companies like SES SA, the world’s second-biggest satellite operator by sales. The growth of streaming over fiber optics threatens another of their mainstays -- satellite TV.

    Takeovers, investments and joint ventures in the industry this year have already surpassed 2020, with more than $3.6 billion spent on them so far in 2021, according to data compiled by Bloomberg.

     

    Click HERE for further details from Bloomberg

     

    SES Seeks Speedier Summary Judgment in C-Band Case Against Intelsat
    Posted: 17 June 2021

    by  — 

    TAMPA, Fla. — SES is asking Intelsat’s bankruptcy court for a speedier summary judgment on the satellite operators’ C-band dispute instead of a full trial.

    The company said in a June 16 court filing that it had already submitted enough evidence for a ruling in its favor over Intelsat’s withdrawal from their C-Band Alliance, where it said the competitors agreed to split proceeds from clearing the spectrum evenly.

    This includes emails and text messages among senior Intelsat executives that SES says support its case.

    SES said in the filing that Intelsat wrongfully seeks to keep a $421 million chunk of the C-band proceeds from the company as a result.

    Satellite operators are in line for $9.7 billion in total from the Federal Communications Commission (FCC) for clearing 300MHz of C-band, provided they meet deadlines for making it available for wireless 5G operators. 

    Intelsat and SES hold the largest share of the 500 MHz C-band in the U.S. and will get $4.9 billion and $3.97 billion, respectively, under the FCC’s plan.

    Click HERE for further details from Spacenews

     

    Welcome New Member
    Posted: May 17, 2020

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    May 2021

    Richard Scott Chilcote

     

    Intelsat and SES On Course for Mammoth C-Band Payments
    Posted 9 May 2021

    by  — 

    • Intelsat's Q1 earnings down 50% year over year despite higher revenue due to Gogo acquisition

    • COVID-19 drags down SES Q1 revenue; operator says video decline is slowing

    • Intelsat and SES C-ban legal battle rages on

    TAMPA, Fla. — Satellite operators Intelsat and SES say they are on track to meet a key C-band spectrum clearing deadline this year, despite ongoing COVID-19 disruption.

    The pandemic has been slowing supply chains for delivering upgrades and filters needed to clear the frequencies for terrestrial 5G wireless operators — and limiting access to sites to install them.

    But Intelsat and SES, which hold the lion’s share of C-band in the United States and will get around $9 billion combined if they clear their part of the 300 megahertz of auctioned spectrum in time, said during financial results they are on track for the first big deadline Dec. 5.

    That is when a portion of the spectrum currently being used to provide TV and radio to nearly 120 million U.S. homes must be available for 5G mobile.

    Intelsat and SES will get $1.2 billion and $1 billion, respectively, if they meet the Dec. 5 deadline for clearing the first 120 megahertz of C-band the U.S. Federal Communications Commission began auctioning off late last year.

    Click HERE for further details from Spacenews.

     

    Help Us Find These Members
    Posted: 
    16 April 2021

    We have lost contact with these members below.  If you have any information on how to contact them, please send us an EMail at:  info@myiraa.comm

    Mike Brown
    John Crispin

    Lee Huffman

     

    Intelsat's Chapter 11 Exit Plan Falters
    Posted:
    12 April 2021

    Intelsat is asking its Chapter 11 bankruptcy court for more time to deliver its exit plan from bankruptcy.

    A hearing scheduled for April 14th will see Judge Phillips asked for more time. Intelsat says the additional time is necessary to ensure that it maintains control of its case, which is particularly complicated because of the dozens of subsidiary and sister businesses under various Intelsat names all of which are affected by the bankruptcy.

    Click HERE for further details from Advanced Television

     

    Welcome New Members
    Posted: March 27, 2021

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    February 2021

    Phil Spector

    March 2021

    Tokuo Oishi
    Benjamin Smith

     

    Intelsat Court Hearing on March 17
    Posted: 9 March 2021

    Intelsat’s Chapter 11 bankruptcy court will hold an omnibus hearing on March 17th.

    The remote video hearing will see Judge Philips hear a number of motions. Three important items listed for hearing are the application by Intelsat’s lawyers for the court to approve Intelsat’s request for an “Expedited” process for its exit plan from bankruptcy.

    Click HERE for further details from Advanced Television

     

    Inaugural Congress of the Global Alliance for International Collaboration in Space (GALIX)
    Posted: 23 February 2021

    You are cordially invited to register for the Global Alliance for International Space Collaboration (GALIX) Congress on March 18-19. (10:00am-12:30pm EDT and 15:00-17:30 pm CET) This global forum features many key space leaders from around the world including NASA Chief Scientist James Green, Niklas Hedman of the UN OOSA, Michelle Hanlon of For All Moonkind, Juan De Dalmau President of the Internat’l Space Univ., Lucy Stojak of the Canadian Space Council, Alicia Woodly of Axiom, J-J Tortora of the European Space Policy Institute, Su-Yin Tan of the Univ. of Waterloo, Canada, Dr. Kai-Uwe Shrogl of ESA/DLR, and many other notables listed in the Program at GALIX.net.

    Please go to  https://www.galix.net and click on registration page. Notice of the Zoom Address will be sent to you in coming days. The Purpose of GALIX is to expand international collaboration in space and to enhance space policy, financial opportunity, education and training, and regulation to this end of global partnership. Some fifteen organizations are working in collaboration on this global initiative. Registration is on a first come and first serve basis and a Zoom address for this event will be provided to you in coming days after you are registered.
     

    Joseph N. Pelton, Chairman of the Board of GALIX, Dean Emeritus, International Space University, Founder of the Arthur C. Clarke Foundation, Founding President of the SSPI, Member of the International Academy of Astronautics

     

    Chairman of Embattled Satellite Operator Accused of Insider Trading
    Posted:
    18 January 2021

    The chairman of satellite operator Intelsat is being sued for insider trading in an explosive new shareholder lawsuit that also dings private-equity giants BC Partners and Silver Lake Partners, a New York Knicks shareholder.

    The Oakland, Calif., federal court lawsuit claims that David McGlade, Intelsat’s chairman and former CEO, sold stock in the satellite operator on Nov. 5, 2019 — mere hours after the company’s CEO learned that the Federal Communications Commission was leaning against a proposal that would have earned the company billions.

    McGlade made the trade — together with fellow Intelsat insiders Silver Lake and BC Partners — via a $246 million block sale of 10 million shares, the lawsuit says. Weeks later, on Nov. 18, the FCC rejected Intelsat’s proposal to run the sale of government-owned airwaves it had been using for TV and radio communications — squashing its dreams of a $7 billion-plus windfall. By May, the company had filed for bankruptcy protection. The stock, which had been trading at around $23 a share ahead of the insider selling, closed Friday at 72 cents a share..

    Click HERE for further details from New York Post

     

    Happy New Year 2021!
    Posted: 1 January 2022

     

    Happy Holidays Everyone
    Posted: December 17, 2020

    The Board of Directors and Volunteers of the Intelsat Retirees and Alumni Association wish you peace, joy and good health during your holidays celebrated and a Happy, Healthy and Prosperous New Year 2021 ahead!

    Here is a lovely YouTube video you may enjoy of people from 50 COVID countries singing Amazng Grace
     

     

    Trial Date Set for the SES + Intelsat Legal Dispute
    Posted 7 December 2020

    Intelsat’s bankruptcy court on December 3 said the dispute between SES Americom and Intelsat would go to trial next June — the news coincides with a 126-page filing to Intelsat’s court from SES that pulls no punches in its claims.

    At the heart of the legal dispute between SES and Intelsat is an argument over Intelsat’s handling of an alleged 50-50 agreed division within the C-Band Alliance (CBA) and how the FCC ‘incentive’ payments over the reallocation of both satellite operators’ C-band frequencies would be allocated. SES is claiming $1.8 billion from Intelsat.

    The FCC-organized auction over the sale of the spectrum is now occurring.

    The SES vs Intelsat legal action kicked off with a July 14 claim lodged by SES where SES claimed damages and which included alleged breaches of contract, fiduciary duties and unjust enrichment. Intelsat firmly rejected the claim and, in October, added in its own allegations that SES had “improperly shared” a confidential report with the FCC and that the SES claims are without merit.

    Click HERE for further details from Satnews

     

    Welcome New Members
    Posted: October 26, 2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    October 2020

    Paul Tan
    William Wu
     

     

    Welcome New Members
    Posted: September 14, 2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    September 2020

    James (Jimmy) Ferrara
    Darren Hutchinson
    Carmen Nelson
    Sanjay Singhal
    Dianne VanBeber

     

    Intelsat to Acquire Commercial Aviation Business of Gogo
    Posted:
    31 August 2020

    s

    MCLEAN, Va.--()--Intelsat (OTC: INTEQ), operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure, today announced that it has entered into a definitive agreement to acquire the commercial aviation business of Gogo (NASDAQ: GOGO), the largest global provider of in-flight broadband connectivity, for $400 million in cash, subject to customary adjustments.

    The transaction further propels Intelsat’s efforts in the growing commercial in-flight connectivity market, pairing its high-capacity global satellite and ground network with Gogo’s installed base of more than 3,000 commercial aircraft to redefine the connectivity experience.

    Gogo’s leading commercial aviation business provides Intelsat with key airline relationships and customer-facing capabilities, including a leading software platform, ISP and network management infrastructure. It currently serves 21 commercial airlines, including 9 of the top 20 global carriers.

    Click HERE for further details from BusinessWire

     

    Help Us Find These Members
    Posted: 
    28 August 2020

    We have lost contact with these members below.  If you have any information on how to contact them, please send us an EMail at:  info@myiraa.comm

    John Crispin
    Lee Huffman

     

    Welcome New Members
    Posted: August 27, 2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    August 2020

    Yvonne Graham
    Neni Gray
    Javed Hashmi
    Brian Henderson
    Van McDevitt

    Vishnu Sahay
     Herminia Salazar

     

     

    FCC Concludes First Mid-Band 5G Auction
    Posted: 26 August 2020

    By Colin Mann | August 26, 2020

    The US’s FCC has confirmed what it describes as the successful conclusion of bidding in its auction of Priority Access Licenses in the 3550-3650 MHz band for 5G, raising some $4.5 billion, although it has yet to name the successful bidders. The auction made available the greatest number of spectrum licences ever in a single FCC auction. 

    Click HERE for further details from Advanced Television

     

    Intelsat Announces Successful Launch of Galaxy 30 Satellite and Northrop Grumman's
    Second Mission Extension Vehicle

    Posted:
    15 August 2020

    McLean, Va. – August 15, 2020 – Intelsat, operator of the world’s largest integrated satellite and terrestrial network, announced the successful launch of Galaxy 30, a geosynchronous communications satellite that will primarily provide high-performance television distribution service to Intelsat’s North American customers.

    Northrop Grumman’s Mission Extension Vehicle 2 (MEV-2) was part of the same successful launch today. The Intelsat 10-02 satellite is scheduled to be its first customer in early 2021.

    The Northrop Grumman-manufactured Galaxy 30 and MEV-2 launched on the Arianespace Ariane 5 rocket from the Guiana Space Center near Kourou, French Guiana at 6:04 p.m. EDT. Galaxy 30 separated from the rocket at 6:31 p.m. EDT, and Intelsat confirmed its signal acquisition at 7:02 p.m. EDT.

    Galaxy 30 is the first satellite in Intelsat’s Galaxy fleet refresh plan and will replace Galaxy 14 at 125 degrees west once it is in service in early 2021. The Intelsat Galaxy fleet is the most reliable and efficient media content distribution system in North America, offering customers an unmatched penetration of cable head-ends.

    Click HERE for further details from Intelsat

     

     

    Welcome New Members
    Posted: July  17 2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    July 2020

    Patrick Drissel
    Luis F. Gonzalez
     Cecilia Lewis
    Peery B. Lewis (Britt)

     

    C-Band:  SES Wants $1.8bn from Bankrupt Intelsat
    Posted: 15 July 2020

    By Chris Forrester
    July 15, 2020

    SES Americom, the US division of the Luxemburg-based satellite operator, is seeking $1.8 billion (€1.5bn) in damages from Intelsat which is in bankruptcy.

    SES is alleging that Intelsat has breached the contract between the two operators which was agreed to handle the sale of C-band frequencies over the US.

    The SES filing, lodged on July 14th, argues that Intelsat and its subsidiary entities are in violation of that contract and related fiduciary duties related to the C-band consortium agreement.

    SES seeks compensation and punitive damages. It also wants attorney fees and other expenses in relation to arguing the C-band claim and costs relating to litigating the claim.

    Click HERE for further details from Advanced Television

     

    Bankruptcy Court Approves $17M Intelsat Bonus Plan
    Posted: 2 July 2020

    By Rachel Jewett | July 2, 2020

     

    A bankruptcy court has approved Intelsat's request for an employee incentive pan worth $17 million, despite an objection from the U.S. Trustee overseeing the cased.

    The U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, approved the bonuses as part of a Key Executive Incentive Plan (KEIP) in cour documents filed June 30.  The incentives are tied to certain targets like meeting Cband clearing deadlines.

    Six executives are eligible to recieve a maximum of $17,087,561.  CEP Stephen Spengler could reeive a maximum amount of $6,974,100.  The other eligible executives are:  CFO David Tolley; General Counsel Michelle Bryan; Chief Services Officer Michael DeMarco; CCO Samar Halawi; and Senior Vice President of Strategy and Planning Bruno Fromont.

    Acting U.S. Trustee Jon Fitzgerald III with the U.S. Department of Justice filed an objection to the bonuses on June 23, aruguing the plan did not set stringent enough performnce goals, and the bonuses are not tied to cash flow and will be paid even if the debtors sustain losses.  The objection pointed to $6.9 million in retention bonuses pointed to $6.9 million in retention bonuses paid to Intelsat executives shortly before the company filed for bankruptcy. CEO Stephen Spengler received $1 million, according to SEC filings.  

    Click HERE for further details from Via Satellite

     

    Intelsat Extends Liquid Telecom Partnership Across Africa
    Posted 29June 2020

    Satellite network operator Intelsat S.A. INTEQ recently announced the extension of its partnership with Liquid Telecom to deliver avant-garde and reliable Internet connectivity in the rural areas of Africa by leveraging its high-throughput satellite fleet. Markedly, the multi-year strategic agreement between the two companies underscores Intelsat’s commitment to provide seamless broadband connectivity for the development of educational institutions and local businesses, thereby strengthening growth of its critical communications infrastructure across the continent.

    Backed by a unique offering of innovative digital services, Liquid Telecom is Africa’s leading communications solutions provider that caters to nearly 13 countries with high-speed connectivity. Further, it offers best-in-class hosting and co-location services to various mobile operators, enterprises and media firms. The company operates state-of-the-art data centers in Cape Town, Johannesburg and Nairobi. It reportedly established Africa’s largest independent fiber network, spanning more than 70,000 kilometers. With leading cloud-based services such as Microsoft Corporation’s MSFT Azure and Office 365, it offers a steady communications infrastructure that prioritizes traffic within Africa to reduce latency.

    Click HERE for further details from Zacks Equity Research

     

    Intelsat, SEC Detail C-Band Transition Plans
    Posted: 22 June 2020

    By Rachel Jewett | June 22, 2020

    Intelsat and SES both filed their C-band spectrum transition plans with the FCC last week on June 19. The operators are working to meet the FCC’s accelerated clearing timeline to clear 100 megahertz of mid-band spectrum for commercial 5G deployment by the end of 2021, and another 180 megahertz two years later. The operators will be eligible to receive incentive payments, in addition to relocation costs, if they clear the spectrum on the FCC’s timeline. Intelsat is eligible to receive $4.87 billion, and SES is eligible to receive $3.97 billion. 

    Intelsat’s plan estimates the total cost of its C-band replacement satellite portion of the transition plan, including launch, insurance, and program management, to be $1.18 billion.

    The operator is planning for the construction and launch of seven new satellites to create sufficient capacity to repack services and effectuate spectrum clearing. Last week, Intelsat announced that Maxar Technologies will build and deliver four satellites, and Northrop Grumman will build and deliver two satellites. The operator is also currently in negotiations with manufacturers for a seventh satellite. 

    Click HERE for further details from ViaSatellite

     

    Intelsat Procures New C-Band Spectrum Transition
    Posted: 15 June 2020

    Contracts in place with U.S. manufacturers Maxar Technologies and Northrop Grumman

    June 15, 2020

    MCLEAN, Va.--()--Intelsat, operator of the world’s largest integrated satellite and terrestrial network, today announced that it has contracted for new satellites with U.S. manufacturers, a necessary step to meet the accelerated C-band spectrum clearing timelines established by the Federal Communications Commission (FCC) earlier this year.

    Intelsat has entered into two new agreements; one with Maxar Technologies to build and deliver four satellites, and another with Northrop Grumman to build and deliver two satellites. Intelsat is currently in negotiations with manufacturers for a seventh satellite required to support its C-band transition.

    Later this week, Intelsat plans to file its full C-band spectrum transition plan with the FCC in accordance with the FCC’s revised timeline. The plan will provide additional manufacturing and launch details for new satellites and outline the steps that Intelsat will take to reconfigure its terrestrial-based infrastructure and to ensure a successful transition.

    Click HERE for further details from BusinessWire

     

    Busy Bankruptcy Court for Intesat
    Posted 11 June 2020

    As well as approving a $1 billion ‘debtor in possession’ loan, Intelsat’s bankruptcy court had an extremely busy ‘omnibus’ day on June 9th dealing with dozens of applications and motions.

    The court approved the rate of interest that Intelsat must pay to the lenders Credit Suisse on the $1 billion loan. Intelsat has to pay an immediate 1.5 per cent, and then an expensive 3.6 per cent (the “ticking fee”) per month just like a taxicab fare and designed to encourage Intelsat not to stretch the whole bankruptcy process out too long.

    While the $1 billion loan grabbed the most headlines, the court also agreed a motion that – in essence – permits the sale of Spaceflight Industries, in which Intelsat has a $50 million loan, to Mitsui & Co. Intelsat had made the loan to Spaceflight because it wanted to participate in a Spaceflight subsidiary (BlackSky, which is an Earth observation business). Intelsat still has a “right to purchase” option in Spaceflight/BlackSky.

    Click HERE for further details from Advanced Television

     

    Welcome New Members
    Posted: 10 June  2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    June 2020

    Tom Barr
    Patty Harrison
    Alan Shingler
    Maria Stefanita
     

     

    Investors Accuse Intelsat Insiders of Trading on C-Band News
    Posted: 8 June 2020

    Law360 (June 8, 2020. 5:07 PM EDT) --

    Investors claim major stakeholders in satellite giant Intelsat dodged $185 million in losses by trading on nonpublic information about a Federal Communications Commission plan to publicly auction C-Band spectrum.
     
    Three institutional investors filed suit in California federal court Friday against BC Partners LLP and Silver Lake Group LLC, two investment firms that unloaded $246 million worth of their Intelsat stock on Nov. 5, the same day the FCC allegedly told Intelsat's CEO the agency would not approve Intelsat's proposal for a private sale of the spectrum.
     
    The FCC said Nov. 18 that a public auction would be held instead, meaning that Intelsat would no longer rake in the more than $7 billion it had expected had the private sale gone through and leading it to file for bankruptcy in May, according to the complaint. Two days after the announcement, Intelsat's stock price plunged by nearly 80%, the investors say.
     
    "By offloading significant holdings of Intelsat common stock ahead of the FCC's announcement, BC Partners and Silver Lake, who were also parties to joint shareholding agreements, avoided approximately $185 million in losses," the putative class action alleges. "Their actions constitute blatant violations of their obligation to disclose or abstain from trading and present a classic case of insider trading."
     
    Intelsat, a Luxembourg-based satellite operator that provides television and radio communications, started working with the FCC in 2017 to determine whether it could free up a portion of its coveted 3.7 to 4.2 gigahertz band, or C-Band, for future 5G use, according to the suit.
     
    The company and other satellite operators proposed a private sale process that they would manage and could reap billions of dollars — in a June 2018 report, RBC Capital Markets predicted that a private sale would raise Intelsat's target stock price from $5 to $30, according to the complaint.
     
    On Nov. 5, FCC senior counsel met with Intelsat's CEO to review its proposal for a private auction of some C-Band spectrum, but "based on the conduct of the parties and the timing and sequence of events," it appears the CEO was told the FCC "was unlikely to approve Intelsat's proposal," the suit says.
     
    After the market closed that day, Intelsat's controlling shareholders, BC Partners and Silver Lake, began urgently shopping 10 million Intelsat shares at a price of $24.60 per share, representing a 6% discount on its closing price that day, the suit says. The investors claim the firms instructed their broker to insist that buyers had only an hour to decide whether to purchase.
     
    "The shares were sold the next day to investors who had no idea what had transpired at the November 5, 2019 meeting with the FCC," according to Friday's suit. "To the contrary, they, like the rest of the investing public, had been led to believe that the private sale was on track and when consummated would result in Intelsat receiving more than $7 billion for its share of the spectrum."
     
    BC Partners has representation on Intelsat's board of directors along with an information rights agreement with Intelsat, which Silver Lake also has, providing both stakeholders with "contractually bargained-for access to material, non-public information about Intelsat," the investors allege, including information about the Nov. 5 meeting.
     
    The two stakeholders had also never sold a single share of Intelsat stock until their "fortuitously timed sale of 20% of their total position" after trading closed on Nov. 5, the suit claims.
     
    On Nov. 18, the FCC rejected Intelsat's proposal, and FCC Chairman Ajit Pai appeared to foreclose any future prospects, backing a public rather than private auction of the C-Band spectrum. Intelsat's stock price plunged, wiping out $700 million in market capitalization in two days. On May 14, Intelsat filed for Ch. 11 protection.
     
    The institutional investors are hoping to hold the two firms, along with Intelsat directors and BC Partners principals Raymond Svider and Justin Bateman, liable for the alleged stock drops. Individual investor James Hill also filed a similar suit in the same court back in April.
     
    Silver Lake declined to comment. BC Partners and counsel for the investors did not immediately respond to requests for comment Monday.
     
    The investors are represented by Marc M. Seltzer and Krysta Kauble Pachman of Susman Godfrey LLP and Andrew J. Entwistle of Entwistle & Cappucci LLP.
     
    Counsel information for the investment firms was not available Monday.
     
    The case is FNY Partners Fund LP et al v. BC Partners LLP et al., case number 3:20-cv-03741, in the U.S. District Court for the Northern District of California.

     

    Intelsat (INTEQ) Reports Q1 Loss, Lags Revenue Estimates
    Posted: 4 June 2020

    Intelsat (INTEQ Free Report) came out with a quarterly loss of $1.48 per share versus the Zacks Consensus Estimate of a loss of $1.37. This compares to loss of $0.87 per share a year ago. These figures are adjusted for non-recurring items.

    This quarterly report represents an earnings surprise of -8.03%. A quarter ago, it was expected that this communications and satellite company would post a loss of $0.99 per share when it actually produced a loss of $0.81, delivering a surprise of 18.18%.

    Over the last four quarters, the company has surpassed consensus EPS estimates just once.

    Intelsat, which belongs to the Zacks Satellite and Communication industry, posted revenues of $458.82 million for the quarter ended March 2020, missing the Zacks Consensus Estimate by 5.79%. This compares to year-ago revenues of $528.45 million. The company has topped consensus revenue estimates three times over the last four quarters.

    The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

    Intelsat shares have lost about 93.5% since the beginning of the year versus the S&P 500's decline of -3.3%.

    Click HERE for further details from Yahoo/Zacks Equity Research

    OTC Markets closed $.5711

     

    C-Band: Eutelsat Complains Over Intelat/SES 'Incentives'
    Posted 3 June 2020

    By Chris Forrester
    June 3, 2020

    Eutelsat, not for the first time, has formally complained to the FCC over the Commission’s ruling that it would pay around $5 billion to both Intelsat and SES in ‘incentive payments’ for clearing certain C-band frequencies over the USA.

    In essence, Eutelsat is fearful that the payments – and the related reimbursements of actual costs of new C-band satellites over the US – will mean that Intelsat and SES will use the cash to expand functionality and coverage beyond a one-for-one simple replacement scheme. Eutelsat says the FCC’s official estimates (aided by analysis by RKF Engineering Solutions) of the costs of these replacement satellites are far too high and thus are more sophisticated satellites than currently being used.

    Both Intelsat and SES are looking to order between four and six satellites to replace the lost frequencies. SES, speaking to Advanced-Television on June 2nd, said that it was still in negotiation on the satellite contracts but it was likely that six satellites would ordered, although two would be ground spares.

    Click HERE for further details from Advanced Television

     

    EXCLUSIVE: Intelsat Shareholders Send Angry Letter Asking for Representation in Bankruptcy Court
    Posted: 28 May 2020

    By Rachel Jewett | May 28, 2020

    Intelsat shareholders are banding together to make sure their interests are represented in the company’s Chapter 11 bankruptcy proceedings, according to a letter that was filed with Acting United States Trustee John Fitzgerald III, who monitors the case. 

    Via Satellite obtained a copy of the letter, which was signed by a group of 73 Intelsat shareholders representing 2.3 million shares. In the letter, the shareholders ask Fitzgerald for an equity committee to represent them. The letter details common shareholders’ concerns that they are not being fairly treated by Intelsat management, and as the two largest shareholders, Cyrus Capital Partners and Appaloosa LP, own both equity and debt in the company, they may be willing to accept a deal that will wipe out common shareholders. 

    Intelsat filed for Chapter 11 bankruptcy on May 13. The shareholder letter was sent in advance of an upcoming court hearing on June 9. 

    Click HERE for further details from Zacks Equity Research

     

    Welcome New Members
    Posted: 26 May 2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    May 2020

    Pasquale Delli Carpini
    Bill Pagden
    Jim Redpath
     

     

    Intelsat Opts into FCC Accelerate C-Band Clearing Plan
    Posted: 26 May 2020

    Company mobilizes operations to accelerate C-band clearing for U.S. 5G

    May 26, 2020 04:23 PM Eastern Daylight Time

    MCLEAN, Va -- (BUSINESS WIRE) -- Intelsat, operator of the worl's largest integrated satellite and terrestrial network, today filed a written commitment with the U.S. Federal Communications Commissin (FCC) to accelerate clearing of the U.S. C-band spectrum.  Intelsat comleted the filing in advance of the FCC's May 29 deadline.

    Click HERE for further details from BusinessWire

    Shares delisted on NYSE on 19 May at $.3826/share

     

    Intelsat (I) Files for Bankruptcy, Aims to Emerge Stronger
    Posted: 15 May 2020

    Intelsat S.A. I has reportedly filed for bankruptcy protection in order to raise cash and prepare the spectrum for public auctioning as it remains weighed down by the huge debt burden. The company expects that Chapter 11 bankruptcy protection funding will enable it to tide over the storm until billions of dollars are made available through public auctioning of its C-band spectrum later this year.

    In concurrence with the bankruptcy filing, Intelsat has earmarked $1 billion in debtor-in-possession financing to sustain operations during the proceedings and make necessary investments to prop up the spectrum for the auction. The company expects to emerge stronger from this financial restructuring process with greater fiscal viability to continue launching new satellites, building a comprehensive ground network and adding innovative services to its portfolio.

    Despite all these endeavors, the stock has plummeted 97.6% in the past year. Notably, Intelsat’s shares declined sharply in November 2019 when investors resorted to panic selling as the Federal Communications Commission (“FCC”) lent its support to the Congress’ move to hold a public auction for its C-band spectrum. The stock declined 67.1% in 2019, making it the worst performer in the Zacks Satellite and Communication industry.

    Click HERE for further details from Yahoo/Zacks Equity Research

    Shares closed today $.401/share

     

    FCC Plans to Auction C-Band Airwaves Despite Intelsat Bankruptcy
    Posted: 14 May 2020

    by Todd Shields

    (Bloomberg) -- The Federal Communications Commission said it would move forward with an auction of valuable airwaves following the bankruptcy filing of Intelsat SA, which occupies many of the frequencies to be sold.

    Intelsat weighted down by almost $15 billion of debt, filed for bankruptcy protection as part of efforts to raise caseh needed to prepare its spectrum for a U.S. government auction.

    The FCC "will continue to move forward with the C-band auction proces," a spokesman said in an emailed message Thrusday.  The agency "appreciates" Intelsat's statement that a catalyst for its filing is a desire to get ready for the auction, the spokesman said.

    The agency has set a Dec. 8 start date for the airwaves sale.  Preparations must begin months ahead of that time, as current ocupants of the airwaves make room for new wireless users.  Intelsat said it needs to spend more than $1 billion to prepare long before costs are reimbursed.

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

    Click HERE for further details from Bloomberg

     

    Intelsat Undertakes Financial Restructuring to Pave the Way for Future Innovation and Growth
    Posted 14 May 2020

    Strengthened Balance Sheet Will Complement Strong Operating Model

    Process Intended to Enhance Liquidity to Support Accelerated C-Band Clearing and Continued Investment; Expected to Result in a Substantial Reduction of Legacy Debt Burden

    Commitment Obtained for $1 Billion in Debtor-in-Possession Financing

    Service to Customers to Remain at Same Level of Excellence

    • PRESS RELEASE

     

    McLean, VA – May 13, 2020 – Intelsat S.A. (NYSE: I) (“Intelsat” or the “Company”), operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure, today announced that it has undertaken a financial restructuring to position the Company for long-term success. The restructuring process is intended to enhance the Company’s liquidity and will likely result in a substantial reduction of Intelsat’s legacy debt burden, allowing for Intelsat to emerge with a strengthened balance sheet to complement its strong operating model and future growth plans.

    One of the primary catalysts for restructuring the balance sheet now is Intelsat’s desire to participate in the accelerated clearing of C-band spectrum under the Federal Communications Commission order in support of a build-out of 5G wireless infrastructure in the United States. To meet the FCC’s accelerated clearing deadlines and ultimately be eligible to receive $4.87 billion of accelerated relocation payments, Intelsat needs to spend more than $1 billion on clearing activities. These clearing activities must start immediately, long before costs begin to be reimbursed. The Company is also managing the economic slowdown impacting several of its end markets caused by the COVID-19 global health crisis.

    “This is a transformational moment in the history of our company,” said Stephen Spengler, Chief Executive Officer of Intelsat. “Intelsat is the pioneer and foundational architect of the satellite industry. For more than 50 years, we have been respected for quality, innovation, sector leadership, and premium services. Our success has come despite being burdened in recent years by substantial legacy debt. Now is the time to change that. We intend to move forward with the accelerated clearing of C-band spectrum in the United States and to achieve a comprehensive solution that would result in a stronger balance sheet. This will position us to invest and pursue our strategic growth objectives, build on our strengths, and serve the mission-critical needs of our customers with additional resources and wind in our sails.”

    Click HERE for further details from Intelsat

    Shares closed today $.493/share

     

    Intelsat Files for Bankruptcy Protection
    Posted: 14 May 2020

    Darrell Etherington | TechCrunch-May 14, 2020

    Global satellite operator Intelsat has voluntarily filed for Chapter 11 bankruptcy protection, the company announced late on Wednesday. Intelsat has attempted to position this as a positive moment that sees it embark on a "financial restructuring" project to enable its future growth, but a bankruptcy filing is seldom cause for celebration.

    The company cites a need to participate in the FCC's C-band spectrum clearing for 5G network build out in the U.S. as one of the factors behind its decision to file, as well as "managing the economic slowdown impacting several of its markets caused by the COVID-19 global heath crise."

    Intelsat notes that its current plan involves no changes to the day-to-day operation of the company, or any reduction in the headcount.  The company also said that it has secured $1 billion in committed new financing, which will come in the form of debtor-in-position funds, subject to court approval.  That just describes any company that plans to continue to operate its business while also undergoing Chapter 11 bankruptcy proceedings.

     

    Sen. Kennedy: Intelsat Bankruptcy Changes C-Band Compensation Equation
    Posted: 14 May 2020

    Says FCC should reverse its course and keep money for the treasury

    John Eggerton | May 14, 2020

    Satellite services provider Intelsat has announced a "financial restructuring to position [it] for long-term success" at what it called a "transformational moment in the history of our company," or, as Intelsat critic Sen. John Kennedy (R-La.) put it: "Intelsat’s decision to file for bankruptcy." 

    On that news, whichever way one looks at it, Kennedy said the FCC should "withdraw its offer, take control of America’s spectrum and save taxpayers billions of dollars instead of shelling out that money to foreign companies." 

    He said the Intelsat filing makes it clear that Intelsat "had no intention of accepting the FCC’s deal." Intelsat in a tweet on the restructuring said its business would continue "without interruption." 

    That "offer" was a reference to the FCC's decision to provide billions of dollars in incentives and auction proceeds to Intelsat and other satellite service providers to give up 300 MHz of spectrum (out of a total of 500 MHz) in the C-Band for 5G. 

    Click HERE for further details from MultiChannel News

     

    Intelsat Files for Chapter 11 Before 5G Spectrum Sales
    Posted: 14 May 2020

    Allison McNeeley and Steven church | Bloomberg May 14, 2020

    (Bloomberg) -- 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.

    Under rules set by the Federal Communications Commission, Intelsat may collect $4.86 billion for quickly giving up the so-called C-band spectrum so the airwaves can be used by mobile phone companies to provide 5G services. The satellite company uses the spectrum to beam TV and radio programs to stations, but can give up part of it while still serving customers on frequencies it retains.

    “We intend to move forward with the accelerated clearing of C-band spectrum in the United States and to achieve a comprehensive solution that would result in a stronger balance sheet,” Stephen Spengler, Intelsat CEO, said in the statement.

    Click HERE for further details from Yahoo/Bloomberg

     

    Intelsat Files for Bankruptcy
    Posted: 14 May 2020

    from Seeking Alpha |About: Intelsat S.A. (I) | By: , SA News Editor 

    • Intelsat has filed for Chapter 11 bankruptcy, a move to "position the company for long-term success."

    • As reported, a key catalyst for the move is the company's desire to reap the benefits (a multibillion-dollar payout in particular) of the FCC's clearing C-band spectrum for use in 5G wireless infrastructure.

    • In order to be eligible to receive $4.87B in accelerated relocation payments, the company needs to spend more than $1B on clearing activities, it says. And it's secured a commitment for $1B in debtor-in-possession financing.

    • It's filed first-day motions in order to maintain business-as-usual operations. No changes to operations or workforce are planned.

    • The motions cover Intelsat and certain subsidiaries; Intelsat General (serving U.S. commercial, government, and Allied military customers) is not part of the bankruptcy filing.

    • The company's publishing more detailed information at Intelsatonward.com, and court filings can be found here.

     

    Intelsat Files for Chapter 11 Bankruptcy
    Posted: 14 May 2020

    Allison McNeeley and Steven church | Bloomberg May 14, 2020

    (Reuters) - Satellite operator Intelsat SA said late on Wednesday that it filed for Chapter 11 bankruptcy protection, making it the latest casualty of severe business disruptions caused by the COVID-19 pandemic.

    The company listed assets and liabilities in the range of $10 billion to $50 billion, according to a filing in the U.S. Bankruptcy Court for the Eastern District of Virginia.

    Intelsat also said it had received $1 billion in debtor-in-possession financing.

    The pandemic has inflicted widespread financial pain across sectors including retail and aviation, with many companies considering bankruptcy options as a way to restructure their debt load.

    The company's Chapter 11 filing comes more than a month after it suspended its 2020 outlook and said it would delay filing its first-quarter results.

    Click HERE for further details from Yahoo/Reuters

     

    Chapter 11 Filing Gives Intelsat Leverage in C-Band Auction
    Posted: 14 May 2020

    By Mark Holmes Rachel Jewett | May 14, 2020

    Intelsat has positioned its filing for Chapter 11 bankruptcy protection as a move that will give the company liquidity to support clearing the C-band spectrum — but it’s possible that bankruptcy proceedings could put the auction at risk. 

    Intelsat and some of its subsidiaries filed on Wednesday in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division. Intelsat, which operates a fleet of about 50 satellites, had approximately $14.7 billion principal in outstanding third party debt at the end of 2019, according to the company’s most recent 10-K filing with the Securities and Exchange Commission. 

    The company’s upbeat “Intelsat Onward” announcement made clear that its desire to receive accelerated relocation payments for clearing C-band spectrum was a factor in filing. Intelsat is eligible to receive the largest share, $4.87 billion, about half of the total payments. Intelsat said it needs to spend more than $1 billion on clearing activities, which must start immediately, and costs will not be reimbursed until later.

    Click HERE for further details from Via Satellite

     

    Intelsat -9% on Report Bankruptcy Could Come Tonight
    Posted: 13 May 2020

    from Seeking Alpha |About: Intelsat S.A. (I) | By: , SA News Editor 

    • Intelsat (NYSE:I) has made a sudden leg down, now -9%, following headlines from Reorg that the company may file for Chapter 11 bankruptcy as soon as tonight.

    • Bonds have been slipping toward record lows as it nears the expiraton of a 30-day grace period on some of its debt.  It had skipped April 15 interest payments on some debt. .

    • And by yesterday, its Luxembourg 8.125% notes due 2023 fell to 6 cents on the dollar

    • Ahead of the April 15 deadline, JPMorgan was reportedly shopping a debtor-in-possession loan for the company.

    • Intelsat needs fund to partake in the multibillion-dollar windfall of a public midband spectrum safe, but lenders may be wary of providing that outside of bankruptcy.

    Shares closed today $.7881/share

     

    Intelsat and Andesat Bring Mobile Broadband to Rural Communities in Peru
    Posted: 12 May 2020

    Andesat Perus launches "#TeConectamosPeru" to expand life-changing cellular and internet coverage to remote areas of Latin America

    CORAL GABLES, Fla. & LIMA, Peru (()--Intelsat (NYSE: I) and Andesat are parterning to bring end-to-end mobile broadband (3G) service to remote communities across Peru.  The two companies have develope a new model that will quickly and efficiently bring life-changing 3G access to 154 rural Peruvian communities in 2020, and as many as 400 remote sites in Peru over the next 18 months.

    Click HERE for further details from BusinessWire

    Shares closed today $.9612/share

     

    Shareholder Urges Intelsat to Void Defaulting into Bankruptcy
    Posted:
    5 May 2020

    by Caleb Henry - May 5 2020

    WASHINGTON — A shareholder is urging Intelsat’s leadership to quickly make an overdue debt payment to avoid potentially falling into bankruptcy. 

    Cyrus Capital Partners, a $4 billion investment advisory firm with offices in New York and London, said Intelsat appears to be headed for a Chapter 11 bankruptcy filing after it skipped a $125 million interest payment due April 15. 

    The skipped payment triggered a 30-day grace period for Intelsat to complete the payment before defaulting. Intelsat’s subsidiary Intelsat Jackson, which holds the majority of the operator’s $14.7 billion debt, owes the late interest payment. 

    In a letter released May 5, Cyrus Capital said an Intelsat bankruptcy could severely jeopardize the satellite operator’s ability to collect up to $4.86 billion in FCC incentive payments for the rapid clearing of 300 megahertz of C-band spectrum Intelsat uses mainly for television broadcasting in the United States. 

    Intelsat has until May 29 to decide whether it will participate in the FCC’s accelerated spectrum clearing program. A different Intelsat shareholder, Appaloosa of Short Hills, New Jersey, urged the company in February to press the FCC for a higher amount even if it means Intelsat going into bankruptcy. 

    Click HERE for further details from Spacenews

    Shares closed today $1.09/share

     

    Global Services Sues FCC Over C-Band Order
    Posted: 5 May 2020

    by Rachel Jewett - May, 2020

    PSSI Global Services is suing the FCC over its plan to reallocate the C-band spectrum for 5G services, arguing the order approved in February will “destroy” its special event satellite broadcast transmission services. The suit was filed April 28 in D.C. federal court. 

    PSSI operates a fleet of more than 60 C-band and Ku-band vehicles and provides live event transmission, distribution and programming insert reception, including global satellite communication services. The company said that its Occasional Use (OU) services for events like the Academy Awards and the NFL Super Bowl are particularly in jeopardy. OU services use transportable earth stations, which require satellite Line-of-Sight (LOS) access and transponder frequency clearance to connect with a particular satellite and transponder.

    Click HERE for further details from Via Satellite

     

    Were Hedge Funds Right About Intelsat S.A. (I)?
    Posted: 4 May 2020

    Asma UL Husna, Insider Monkey May 4 2020

    We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy long-term Treasury bonds. Our article also called for a total international travel ban. While we were warning you, President Trump minimized the threat and failed to act promptly. As a result of his inaction, we will now experience a deeper recession (see why hell is coming).

    In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 835 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile failures like hedge funds' 2018 losses in Facebook and Apple. Let's take a closer look at what the funds we track think about Intelsat S.A. (NYSE: I) in this article.

    Intelsat S.A. (NYSE:I) shares haven't seen a s of action during the fourth quarter. Overall, hedge fund sentiment was unchanged. The stock was in 49 hedge funds' portfolios at the end of the fourth quarter of 2019. The level and the change in hedge fund popularity aren't the only variables you need to analyze to decipher hedge funds' perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That's why at the end of this article we will examine companies such as Third Pont Reinsurance Ltd (NYSE: TPRE), Hollysys Automation Technologies Ltd (NASDAQ: HOLI), and Urstadt Biddle Properties Inc (NYSE: UBA) to gather more data points. Our calculations also showed that I isn't among the 30 most popular stocks among hedge funds (click for Q4 rankings and see the video at the end of this article for Q3 rankings).   

    Click HERE for further details from Yahoo/InsiderMonkey

    Shares closed today $1.13/share

     

    Intelsat Announces New Investor Relations Vice-President
    Posted:
    30 April 2020

    Industry veteran brings expertise in cultivating strong relationships with investment community

    Intelsat (NYSE: I), operator of the world's largest integrated satellite and terrestrial network, today announced that Tahmin O. Clarke has joined the company as Vice President of Investor Relations.

    Based in the company’s McLean, Va. office, Clarke is responsible for managing the company’s relationships with shareholders, bondholders and lenders, and the equity and fixed income research analyst community. He will report to Intelsat Executive Vice President and Chief Financial Officer David M. Tolley.

    "Tahmin’s financial acumen and deep expertise in leading investor communications in the communications sector will serve as a tremendous asset to us, especially during this time of industry transition as we evaluate our future opportunities," said Tolley. "He brings a deep understanding of the complexities of our sector and a reputation for proactive relationship-building and stakeholder communications. We’re thrilled to welcome him to the Intelsat family."

    Click HERE for further details from BusinessWire

    Shares closed today $1.92/share

     

    Intelsat CEO Steve Spangler Talks C-Band, Covid, and Chapter 11
    Posted: 28 April 2020

     Click HERE for the interview by Mark Holmes of Via Satellite

     

    Welcome New Members
    Posted: 23 April 2020

    We are pleased to Welcome the following new members to the Intelsat Retirees and Alumni Association:

    April 2020

    Lizbeth Fountain
    Ivette Fournier

    Michael Hughes

     

    For the First Time Ever, a Robotic Spacecraft Caught an Old Satellite and Extended Its Life
    Posted:
    17 April 2020

    Published FRI APR 17 2020-9:18 AM EDT
    Michael Sheetz @THESHEETZTWEETZ

    Intelsat's IS-901 satellite is nearly 20 years old, and well beyond its expected lifespan, but a small spacecraft built by Northrop Grumman succeeded in docking with the satellite and giving it another five years of service, the companies announced on Friday.

    The feat is a space industry first, as extending the life of spacecraft already in orbit has only been done with human help before – such as the Hubble telescope servicing missions conducted by NASA astronauts.

    Northrop Grumman’s spacecraft MEV-1 successfully docked with IS-901 on Feb. 25. Intelsat’s satellite was launched in June 2001 and was only intended to serve for 13 years, providing communications services in the Atlantic Ocean region. The satellite is in a fixed position above the Earth in what is known as geosynchronous orbit – tens of thousands of miles up to provide as wide a coverage area as effectively possible.

    Click HERE for further details from CNN

    Shares closed today $1.36/share

     

    Intelsat Seeks Bankruptcy Protection Fund for Sustainability
    Posted: 15 April 2020

    Intelsat S.A. I is reportedly seeking the cushion of a bankruptcy loan to sustain operations as its shares continue a steady downtrend. The company expects that Chapter 11 bankruptcy protection funding will enable it to tide over the storm until billions of dollars are made available through public auctioning of its C-band spectrum later this year.  

    Intelsat’s shares declined sharply in November 2019 when investors resorted to panic selling as the Federal Communications Commission (“FCC”) lent its support to the Congress’ move to hold a public auction for its C-band spectrum. The stock declined 67.1% in 2019, making it the worst performer in the Zacks Satellite and Communication industry.

    Click HERE for further details from Yahoo/Zacks Equity Research

    Shares closed today $1.04/share

     

    Why Intelsat's 5G Dreams Are Crashing to Earth
    Posted 14 April
    2020

    By Aaron Pressman
    April 14, 2020, 2:30 PM EDT
     
    Satellite communications cmpany Intelat is close to bankrptcy after a years-long gambit to profit from selling some of its airwave licenses for 5G wireless networks has fallen short.
     
    The company, responsible for transmitting most programming for cable and broadcast netorks acros the country ith its satellites, is lining up financing known as a debtor-in-possession loan, used to maintain operations during a Chapter 11 bankruptcy, Bloomberg reported on Tuesday.  The company had earlier hired investment bank PJT Partners and law firm Kirkland & Ellis for a possible filing, Bloomberg noted.
     
    The rapid financial demis comes after the Federal Communications Commission rejected a plan from Intelsat and other satellite communications companies to et them directly sell spectrum know as the C-band to wireless carriers that could use the airwaves for 5G networks.  Analysts said such a sale could bring $30 billion to $50 billion in bids from telecom companies desperate for more airwaves to use for superfast 5G service.
     
    But the plan ignited heated and bipartisan opposition in Congress to letting foreign-based satellite companies collect such huge sums.  among current C-band holders, Intelsat and SES are legally based in Luxembourg, Telesat is Canadian, and Eutelsat Communications is based in France.

    Click HERE for further details from Fortune

    Shares closed today $1.10/share

     

    Intelsat Seeks Bankruptcy Loan While Awaiting Key Spectrum Sale
    Posted 14 April
    2020

    By Katherine Doherty, Sridhar Natarajan, and Allison McNeely
    April 13, 2020, 9:15 PM EDt Updated on April 14, 2020, 10:02 AM EDT

    Intelsat SA is seeking backers for a bankruptcy loan that would keep the satellite service in business under Chapter 11 court protection while it’s waiting for billions of dollars in proceeds from a government spectrum auction. Its bonds led decliners in the high-yield market.

    JPMorgan Chase & Co. is shopping the debtor-in-possession loan to institutional investors, many of whom specialize in financial restructuring, according to people with knowledge of the plans. The loan of about $750 million would help fund necessary improvements to Intelsat’s spectrum ahead of the C-Band auction set to begin later this year.

    No formal decisions have been made on the loan, said one of the people. The situation remains fluid and plans could change, depending on market conditions, the people said. They asked not to be identified discussing the private arrangements.

    The company’s bonds fell Tuesday, with its 8.5% notes due 2024 dropping 4.8 cents on the dollar to 56.9 cents, according to Trace data.

    Click HERE for further details from Bloomberg

     

    Are Options Traders Betting on a Big Move in Intelsat (I) Stock?
    Posted:
    27 March 2020

    Investors in Intelsat S.A. I need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 19, 2020 $3.00 Call had some of the highest implied volatility of all equity options today.  

    What is Implied Volatility?

    Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

    What do the Analysts Think?

    Clearly, options traders are pricing in a big move for Intelsat shares, but what is the fundamental picture for the company? Currently Intelsat is a Zacks Rank #3 (Hold) in the Satellite and Communication industry that ranks in the Top 31% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from a loss of $1.31 per share to a loss of $1.13 in that period.

    Click HERE for further details from Yahoo/Zacks Equity Research

    Shares closed today $1.76/share

     

    Intlesat (I) Flat as Market Gains: What You Should Know
    Posted: 26 March
    2020

    In the latest trading session, Intelsat (I) closed at $1.92, marking no change from the previous day. This change lagged the S&P 500's 6.24% gain on the day. Elsewhere, the Dow gained 6.38%, while the tech-heavy Nasdaq added 5.6%.

    Heading into today, shares of the communications and satellite company had lost 55.56% over the past month, lagging the Computer and Technology sector's loss of 17.19% and the S&P 500's loss of 21.22% in that time.

    Wall Street will be looking for positivity from I as it approaches its next earnings report date. The company is expected to report EPS of -$1.13, down 29.89% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $488.36 million, down 7.59% from the prior-year quarter.

    Click HERE for further details from Yahoo/Zacks Equity Research

    Shares closed today $1.92/share

     

    Intelsat (I) Down 54.6% Since Last Earnings Report: Can it Rebound?
    Posted: 21 March 2020

    It has been about a month since the last earnings report for Intelsat (I). Shares have lost about 54.6% in that time frame, underperforming the S&P 500.

    Will the recent negative trend continue leading up to its next earnings release, or is Intelsat due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

    Intelsat Q4 Loss Narrower Than Expected, Revenues Fall

    Intelsat reported relatively modest fourth-quarter 2019 results with both the top and bottom line exceeding the respective Zacks Consensus Estimate. However, revenues were down year over year as media revenues declined due to the increasing importance of digital platforms content.       

    Click HERE for further details from Yahoo/Zacks Equity Research

     

    Intelsat (I) Collaborating with SpaceX for IS-40e Launch
    Posted 18 March
    2020

    After the launch of Intelsat S.A.’s I 35e geostationary communications satellite (COMSAT), the pioneer of space technology services is all set to launch another high-throughput satellite into the space — Intelsat 40e (IS-40e). Equipped with best-in-class capabilities of managed hybrid-connectivity, Intelsat has teamed up with a space transportation services company — SpaceX — for the launch.

    Slated to be launched in 2022, IS-40e will be manufactured by a leading space technology company — Maxar Technologies Inc. MAXR. Markedly, the yet-to-be-launched Intelsat satellite will be sent to its target orbit by SpaceX’s much-acclaimed Falcon 9 launch vehicle. Interestingly, this will be SpaceX’s second launch for Intelsat, the first one being Intelsat 35e in 2017.

    Click HERE for further details from Yahoo/Zacks Equity Research

    Shares closed today $1.625/share

     

    Welcome New Member
    Posted: 15 March 2020

    We are pleased to Welcome the following new member to the Intelsat Retirees and Alumni Association:

    March 2020

    Patrick Yeung

     

    Implied Volatility Surfing for Intelsat (I) Stock Options
    Posted:
    4 March 2020

     — March 4,

    WASHINGTON — The FCC says it will scrap a $9.7 billion spectrum clearing incentive package approved last week if Intelsat and SES don’t both agree to the terms. 

    Satellite operators Intelsat, SES, Eutelsat, Telesat and Embratel Star One are eligible collectively to win up to $9.7 billion in accelerated payments if they can clear 300 megahertz of C-band spectrum by Dec. 5, 2023 — two years faster than the FCC’s deadline.

    But according to a final plan the FCC released March 3, companies eligible for at least 80% of the accelerated clearing payments must participate in order for the program to proceed.

    Eutelsat, Telesat and Embratel Star One only account for 9% of the accelerated clearing payments, meaning the FCC’s threshold requires Intelsat and SES involvement. 

    Payment allocations set

    The FCC is offering the $9.7 billion in accelerated clearing payments to encourage satellite operators to vacate 300 megahertz of C-band spectrum more quickly to make way for cellular networks’ 5G services. The clearing payments are in addition to relocation costs, estimated at up to $5.2 billion in the FCC’s plan. Relocation costs include buying new spacecraft, satellite dishes and other equipment to continue offering service with less spectrum. 

    Intelsat is eligible for $4.87 billion in accelerated clearing payments, up $13.6 million from the FCC’s original plan, but a far cry from the $5.8 billion to $6.5 billion the company sought in recent weeks. 

    Click HERE for further details from SpaceNews

    Shares closed today $3.12/share

     

    FCC Releases Final C-Band Offer
    Posted: 4 March
    2020

    The FCC released its final report and order on repurposing C-band spectrum for 5G on Tuesday, slightly shifting the amounts that satellite operators can receive in accelerated relocation payments to clear the spectrum quickly. 

    The document was released after the FCC voted 3-5 on Feb. 28 to repurpose the spectrum. Satellite operators are required to clear the spectrum, and the FCC will hold a public auction for licenses to that spectrum, starting Dec. 8 of this year. Satellite operators with licenses for the spectrum will receive both compensation for the cost to relocate the spectrum and accelerated relocation payments to incentivize them to clear the spectrum quickly, $9.7 billion total, divided between IntelsatSESTelesatEutelsat, and Star One. 

    Click HERE for further details from Via Satellite

     

    FCC Approves $9.7 Billion Package to Speed C-Ban Clearing
    Posted:
    28 February 2020

     — 

    WASHINGTON — The U.S. Federal Communications Commission on Feb. 28 voted to auction a large portion of C-band in December under a plan that includes $9.7 billion in incentives to expedite relocating satellite operators out of the spectrum to make way for high-speed 5G networks. 

    The agency’s five commissioners voted three to two in favor of the plan, released three weeks ago, despite worries that the plan will trigger litigation from disaffected companies or a rebuke from Congress where lawmakers had sought to legislatively prescribe the auction rules. 

    Central to the debate was whether the $9.7 billion in payments to encourage satellite operators to fully vacate the spectrum two years faster — in 2023 instead of 2025 — was appropriate, or legal. 

    Click HERE for further details from SPACENEWS.

    Shares closed today $3.86/share

     

    Intelsat Still Burdened with Debit Even if FCC Boosts Payout
    Posted:
    28 February 2020

    By Todd Shields
    Februrary 28, 2020,
    4:00 AM EST

    Satellite provider Intelsat SA will still face a steep pile of debt even if it wins bigger payouts for giving up spectrum in a vote Friday by U.S. regulators that want the frequencies for fast 5G mobile networks.  The Federal Communications Commission is scheduled to vote on Chairman Ajit Pai’s plan to pay satellite providers as much as $9.7 billion for leaving the airwaves, with 50% of that, or $4.85 billion, potentially going to Intelsat.  Luxembourg-based Intelsat in a filing asked for 60% or more of the pot. Fellow satellite provider SES SA, which also would give up airwaves, in a filing said it should get as much as Intelsat, compared with 41% as proposed by the FCC.  Intelsat’s finances “may remain stressed even with a large relocation payment” because core portions of its business are deteriorating, Stephen Flynn, a Bloomberg Intelligence analyst, said in a Feb. 27 note. Earnings may decline next year, as some customers flee and others renew contracts at lower rates, Flynn said.

    Click HERE for further details from Bloomberg

     

    Implied Volatility Surfing for Intelsat (I) Stock Options
    Posted: 27
    February 2020

    Investors in Intelsat S.A. I need to pay close attention to the stock based on moves in the options market lately. That is because the Mar 20, 2020 $5.00 Call had some of the highest implied volatility of all equity options today.

    What is Implied Volatility?

    Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

    What do the Analysts Think?

    Clearly, options traders are pricing in a big move for Intelsat shares, but what is the fundamental picture for the company? Currently, Intelsat is a Zacks Rank #3 (Hold) in Satellite and Communication industry that ranks in the Top 44% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from a loss of $1.31 per share to a loss of $1.10 in that period.

    Click HERE for further details from Zacks Market Equity Research

    Shares closed today $4.06/share

     

    Telesat Sides with SES Against Intelsat's Request for More C-Band Money
    Posted: 27 February 2020

    by  — 

    WASHINGTON — Telesat and SES are urging the U.S. Federal Communications Commission to reject Intelsat’s request for a larger share of the $9.7 billion in incentive payments the FCC plans to offer satellite operators to hasten the clearing of C-band spectrum the United States wants to repurpose for 5G cellular networks.

    The FCC plans to use proceeds from an upcoming C-band auction to incentivize satellite operators to vacate the spectrum two years ahead of a 2025 deadline. Auction proceeds would also be used to reimburse the cost of new satellites and ground systems the operators will need to keep serving C-band customers while yielding 300 megahertz spectrum to companies building out U.S. 5G networks.

    Under a proposal the FCC released Feb. 7, Intelsat would be entitled to the largest share of incentive payments. Intelsat has since asked the FCC to increase its potential $4.85 billion share of the $9.7 billion to at least $5.8 billion, arguing that a 60-67% share is more in line with how much work Intelsat needs to do to clear its swath of C-band by the end of 2023.

    Click HERE for further details from SPACENEWS.

     

    Northrup Grumman Successfully Completes Historic First Docking of Mission Extension Vehicle with Intelsat 901 Satellite
    Posted: 26 February 2020

    Companies demonstrate groundbreaking satellite life-extension service

    DULLES, Va. – Feb. 26, 2020 – Northrop Grumman Corporation (NYSE: NOC) and the company’s wholly-owned subsidiary, SpaceLogistics LLC, have successfully completed the first docking of the Mission Extension Vehicle-1 (MEV-1) to the Intelsat 901 (IS-901) spacecraft in order to provide life-extension services. This historic accomplishment marks the first time two commercial satellites have docked in orbit and the first time that mission extension services will be offered to a satellite in geosynchronous orbit.

    MEV-1, launched Oct. 9, 2019, recently completed its orbit raising to an orbit approximately 180 miles above geosynchronous orbit. IS-901 is a fully operational communication satellite that is running low on fuel. Intelsat (NYSE: I) removed 901 from service in December 2019, transferring customers to other satellites in its extensive fleet, in order to raise its orbit to the same altitude as MEV-1 in preparation for docking. MEV-1 then completed the historic docking with IS-901 on February 25 at 2:15 a.m. ET. The combined spacecraft stack will now perform on-orbit checkouts before MEV-1 begins relocating the combined vehicle to return IS-901 into service in early April.

    “Our Mission Extension Vehicle provides an innovative, satellite life extension service,” said Tom Wilson, president, SpaceLogistics LLC. “Together, Northrop Grumman, SpaceLogistics LLC and Intelsat have taken the first step in pioneering in-space logistics services for both commercial and government customers.”

    Click HERE for further details from Intlesat.

    Stocks closed today at $4.32/share

     

    SES and Eutelsat Make Their Own Cases for More C-Band Money
    Posted:
    24 February 2020

    by  — 

    WASHINGTON — SES is now arguing that it deserves as much money as Intelsat to clear C-band satellite spectrum for 5G cellular networks, following Intelsat’s solo effort last week to increase its share of the FCC’s $9.7 billion fund. 

    Meanwhile, Eutelsat, a former partner of Intelsat, SES and Telesat in the now fractured C-Band Alliance, is seeking around $1 billion more for itself. 

    The FCC is scheduled to vote Feb. 28 on a plan that includes $9.7 billion to accelerate spectrum clearing by September 2023 instead of 2025 and that covers new satellites and other infrastructure needed to continue services with less spectrum. The total amount for both is around $14.9 billion, though the final tally could be higher. The FCC cautioned that its $3.3 billion to $5.2 billion price tag for replacement infrastructure is just an estimate. 

    Click HERE for further details from SPACENEWS.

    Stocks closed today at $4.62/share

     

    There's a 5G Showdown Brewing.  Intelsat Stock Could be a Casualty
    Posted:
    21 February 2020

    Shares of Intelsat S.A. shot up 9.6% in midday trading Thursday, paring earlier gains of as much as 19%, after the Luxembourg-based communications satellite reported before the open a narrower-than-expected loss and revenue that fell less than forecast. The net loss was $115.0 million, or 81 cents a share, after a loss of $111.3 million, or 81 cents a share, in the year-ago period. The FactSet consensus was for a net loss per share of 94 cents. Revenue fell 4.8% to $517.0 million, above the FactSet consensus of $500.9 million. Network services revenue fell 1% to $200.2 million, media revenue declined 9% to $210.6 million and government revenue fell 2% to $96.0 million. For 2020, the company expects revenue of $1.93 billion to $1.98 billion, compared with the FactSet consensus of $1.98 billion. The stock, which has now bounced 42% since it closed at a 2-year low of $3.10 on Feb. 14, has still plunged 38.3% over the past three months through Wednesday, while the S&P 500 has gained 7.9%.

    Click HERE for further details from Yahoo/MarketWatch.

    Stocks closed today $4.49/share

     

    Intelsat (I) Q4 Loss Narrower Than Expected, Revenues Fall
    Posted: 21 February 2020

    Intelsat S.A. I reported relatively modest fourth-quarter 2019 results with both the top and bottom line exceeding the respective Zacks Consensus Estimate. However, revenues were down year over year as media revenues declined due to the increasing importance of digital platforms content.       

    Net Loss

    On GAAP basis, net loss for the reported quarter was $114.9 million or loss of 81 cents per share compared with loss of $111.3 million or loss of 81 cents per share in the prior-year quarter. The wider net loss was primarily due to lower revenues and higher operating expenses. Net loss per share was, however, narrower than the Zacks Consensus Estimate of loss of 99 cents.

    In 2019, Intelsat recorded net loss of $913.6 million or loss of $6.51 per share compared with loss of $599.6 million or loss of $4.63 per share in 2018.

    Click HERE for further details from Yahoo/Zacks Equity Research

     

    Intelsat to FCC:  C-Band Alliance is Dead, We Deserve More Money?
    Posted:
    20 February 2020

    WASHINGTON -- Intelsat on Feb. 19 urged the FCC to give the company at least $1 billion more of $9.7 billion in proposed compensation for clearning C-band spectrum for 5G networks and to treat the C-Band Alliance Intelsat formed with rivals SES and Telesat as esentially dead.

    Intelsat said it has more C-band revenue, capacity use and satellite dishes in operation across the continental United States than any other operator, and that it therefore deserves $5.8 billion to $6.5 billion in accelerated clearing payments instead of the $4.85 billion offered under the U.S. Federal Communications Commission’s proposed plan. 

    The company’s solo gambit, which earned a sharp rebuke from SES and approval from investors, followed one day after hedge fund Appaloosa of Short Hills, New Jersey, took a 7.4% stake in Intelsat for the express purpose of compelling the company to demand more clearing payments from the FCC.

    Click HERE for further details from SPACENEWS.

    Shares closed today $4.54/share

     

    Intelsat Rift with SES Goes All 'Hunger Games' Before FCC Vote
    Posted: 20 February 2020

    (Bloomberg) -- Intelsat SA and SES SA , which had been allies in plans to give up satellite airwaves, broke into a feud a week before the U.S. Federal Communications Commission is scheduled to vote on a plan to compensate the companies.

    Intelsat said in a filing with the agency that it believes it should get a greater share of payments than the FCC has proposed. SES responded by calling it an “egregious attempt” that was “both disappointing and legally indefensible.”

    The dispute has “all gone a bit ‘Hunger Games,”’ Jefferies analyst Giles Thorne said in a note to clients, as “one-time colleagues turn on each other.”

    Intelsat rose as much as 19% in New York trading after reporting fourth-quarter sales that exceeded analyst expectations.

    The satellite companies have proposed giving up part of the airwaves they use to beam TV and radio programs to stations, and to continue serving customers on airwaves they retain. The swath at issue is known as the C-band, and regulators are eager to free it to carry traffic for fast new 5G networks.

    Click HERE for further details from Bloomberg

     

     

    Intsat's Stock Soars After Net Loss, Revenue Beat Expectations
    Posted:
    20 February 2020

    Shares of Intelsat S.A. shot up 9.6% in midday trading Thursday, paring earlier gains of as much as 19%, after the Luxembourg-based communications satellite reported before the open a narrower-than-expected loss and revenue that fell less than forecast. The net loss was $115.0 million, or 81 cents a share, after a loss of $111.3 million, or 81 cents a share, in the year-ago period. The FactSet consensus was for a net loss per share of 94 cents. Revenue fell 4.8% to $517.0 million, above the FactSet consensus of $500.9 million. Network services revenue fell 1% to $200.2 million, media revenue declined 9% to $210.6 million and government revenue fell 2% to $96.0 million. For 2020, the company expects revenue of $1.93 billion to $1.98 billion, compared with the FactSet consensus of $1.98 billion. The stock, which has now bounced 42% since it closed at a 2-year low of $3.10 on Feb. 14, has still plunged 38.3% over the past three months through Wednesday, while the S&P 500 has gained 7.9%.

    Click HERE for further details from Yahoo/MarketWatch.

     

    Intelsat (I) Reports Q4 Loss, Tops Revenue Estimates
    Posted:
    20 February 2020

    Intelsat (I) came out with a quarterly loss of $0.81 per share versus the Zacks Consensus Estimate of a loss of $0.99. This compares to loss of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

    This quarterly report represents an earnings surprise of 18.18%. A quarter ago, it was expected that this communications and satellite company would post a loss of $1 per share when it actually produced a loss of $1.05, delivering a surprise of -5%.

    Over the last four quarters, the company has surpassed consensus EPS estimates just once.

    Intelsat, which belongs to the Zacks Satellite and Communication industry, posted revenues of $516.95 million for the quarter ended December 2019, surpassing the Zacks Consensus Estimate by 3.60%. This compares to year-ago revenues of $542.77 million. The company has topped consensus revenue estimates three times over the last four quarters.

    Click HERE for further details from Yahoo/Zacks Equity Research

     

    Intelsat Announces Fourth Quarter and Full-Year 2019 Results
    Posted: 20 February 2020

    • Fourth quarter revenue of $517 million; full-year 2019 revenue of $2,061 million
    • Fourth quarter net loss attributable to Intelsat S.A. of $115 million; full-year 2019 net loss attributable to Intelsat S.A. of $914 million
    • Fourth quarter Adjusted EBITDA of $371 million or 72 percent of revenue; full-year 2019 Adjusted EBITDA of $1,481 million or 72 percent of revenue
    • Intelsat issues 2020 Guidance

     Intelsat S.A. (NYSE: I), today announced financial results for the three months and full-year ended December 31, 2019.

    Intelsat reported total revenue of $517.0 million and net loss attributable to Intelsat S.A. of $115.0 million for the three months ended December 31, 2019. For the year ended December 31, 2019, Intelsat reported total revenue of $2,061.5 million and net loss attributable to Intelsat S.A. of $913.6 million.

    Click HERE for further details from Yahoo Finance/Business Wire.

     

    Can David Tepper Aid Intelsat (I) to Rebound from 2-Year Low?
    Posted:
    19 February 2020

    Intelsat S.A.’s I shares soared 25.8% yesterday as Appaloosa Management, the hedge fund firm overseen by famed billionaire investor David Tepper, announced that it has acquired 2.9 million shares of the satellite and communication services provider. This is likely to offer significant boost to the beleaguered company that tanked 83.8% in the past year and recorded an abysmal low of $2.61 on Feb 5, 2020.

    What Triggered the Plunge?

    Intelsat shares declined sharply in November last year when investors resorted to panic selling as the Federal Communications Commission (“FCC”) lent its support to the Congress’ move to hold public auction for its C-band spectrum. The stock declined 67.1% in 2019, making it the worst performer in the Zacks Satellite and Communication industry.

    Click HERE for further details from Yahoo/Zacks Equity Research

    Shares closed today $4.01/share

     

    Intelsat Revises IS-29e Replacement Plan, Preps Second-Gen Epic Order
    Posted:
    17 February 2020

    WASHINGTON -- Intelsat has abandoned plans to order a one-for-one replacement for the Intelsat-29e satellite that failed last year and will rely instead on leased capacity, a borrowed satellite, and the newly ordred Intelsat-40e spacecraft to fill a overage gap over North and South America.

    Intelsat said last summer it intended to award a contract by the end of 2019 for a direct replacement for the three-year-old Intelsat-29e satellite. The global satellite fleet operator now says the Intelsat-40e satellite recently ordered from Maxar Technologies will serve as a partial replacement for IS-29e. The rest of the gap will be covered by a borrowed Hispasat satellite and capacity leased from competitor SES and other satellite operators.

    Intelsat-29e was the first Epic-series high-throughput satellite in Intelsat’s fleet, and carried 10 times the capacity of earlier satellites. Its mission came to an abrupt end in April when it suffered a catastrophic fuel leak Intelsat still believes was caused by a micrometeoroid impact or an ill-timed electrostatic discharge triggered by unfavorable solar weather. 

    Click HERE for further details from SPACENEWS.

     

    Forrester Reports: February 21 is D-Day for the FCC's C-Band Decisions
    Posted: 13 February 2020

    Chris Forrester at the Advanced Television infosite is reporting that the FCC’s order on its $9.7 billion proposal will be determined on February 28, with a D-Day meeting of the full Commission.

    Prior to that assemblage, the participants and stakeholders have until February 21 to make their comments. There will be an enforced ‘quiet period’ between the 21st and 28th of the month.

    Meanwhile, the three main participants will hold their results announcements (Eutelsat on February 14, Intelsat on February 18 and SES on February 25), where some fresh newsflow might be generated. The key players are near-silent other than to stress that hard work is going on behind the scenes.

    SES, for example, repeated their comments from a week ago,  and stated, "We are overall pleased with the draft order and thank the FCC for their work. Some elements of the draft order require more discussions with the FCC. This includes, for example, technical parameters, deadlines for clearing, penalties for late clearing or timing of fund availability.”

    Intelsat also seems relaxed enough other than to say that due diligence is absolutely necessary and that – as ever – the devil is in the detail. “Each company—including C-band customers—has to read what is proposed and determine if the terms stated for the transition are set up so that we can ensure we can be successful, and as importantly, not impede the services that we continue to provide to our customers throughout the transition,” said Intelsat.

    Click HERE for further details from Satnews Daily

    Shares closed today $3.17/share

     

    Earnings Preview: Intelsat (I) Q4 Earnings Expected to Decline
    Posted:
    12 February 2020

    Wall Street expects a year-over-year decline in earnings on lower revenues when Intelsat (I) reports results for the quarter ended December 2019. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

    The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

    While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

    Click HERE for further details from Zacks.

    Shares closed today $3.29/share

     

    The Space Industry's B.S. Problem
    Posted:
    11 February 2020

    A space industry flush with startups and easy money struggles to tamp down all the B.S.

    At a meteorology conference, a space industry consultant asked if I'd heard the news.  He claimed the National Oceanic and Atmospheric Administration canceled plans to buy commercial weather satellite data.  Since I hadn't heard, I checked with NOAA officials who confirmed my suspicion.  It wasn't true.

    Journalists have always looked for sources to trust and clues to help separate fact from fiction, but it's never been more daunting than in this period of rapid change for the space industry.  Startups make bold claims about their current technology, on-orbit performance and future prospects.  Industry veterans, meanwhile, patiently explain why the claims are unrealistic or physically impossible.  Neither side has a monopoly on candor.  In the last couple of years, SpaceNews reporters have been warned of exaggerated test results, forged documentation and a padded resume.  We've heard creative explanations for projects canceled or delayed.

    An entrepreneur told a reporter the firm's launch was on hold because the launch vehicle operator was having trouble finding additional passengers to share the flight.  The launch vehicle operator offered a different explanation:  the startup couldn't pay for the flight.

    Click HERE for further details from SPACENEWS

    Shares closed today $3.35/share

     

    Intelsat Gets Downgraded Again Because $5 Billion Doesn't Fix Everything
    Posted: 10
    February 2020

    Satellite operator Intelsat S.A. has been downgraded by another Wall Street analyst, after investors learned that a lump-sum payment linked to the U.S.’s transition to 5G won’t measure up to their initial hopes.

    Raymond James downgraded the stock (ticker: I) to “Market Perform,” the equivalent of hold, from “Outperform,” the firm’s second-strongest buy rating. The shares were down 8% in early Monday trading.

    Intelsat could get up to $4.9 billion in incentive payments for meeting a three-year deadline to relocate satellites as part of the U.S.’s transition to 5G, according to a draft order released Friday by the Federal Communications Commission.

    But the company has nearly $15 billion of debt, and analysts at J.P. Morgan Chase say it faces a “challenged business.” Investors were initially hoping for a payout of up to $24 billion for Intelsat.

    Click HERE for further details from Barron's.

    Shares closed today $3.34/share

     

    Intelsat Stock Falls as Anaylst Sees 'Little Hope' for Investors after FCC's 5G Spectrum Proposal
    Posted: 8 February 2020

    J.P. Morgan turns bearish, sees ‘little to no’ value in the shares after FCC Chairman Pai’s plan to free up C-band spectrum for 5G

    Shares of Intelsat S.A. took a tumble Friday, after J.P. Morgan analyst Philip Cusick said Federal Communications Commission Chairman Ajit Pai’s proposal to quickly free up spectrum for 5G networks leaves “little hope” for equity investors.

    Cusick downgraded the Luxembourg-based satellite services company to a rare underweight rating, after being at neutral the past three months, and at overweight for seven months before that. He removed his price target of $9, writing in a note to clients that “we see little to no fundamental equity value in shares” given Pai’s proposal.

    Only 15% of companies covered by J.P. Morgan analysts are rated underweight, while 41% are rated neutral and 45% are rated overweight.

    The stock I, +0.27% slid as much as 155% intraday, before paring some losses to be down 9.4% in active midday trading.

    Click HERE for further details from Market Watch

    Shares closed today $3.75share

     

    Intelsat Reaches Deal with the FCC on C-Band Airwaves
    Posted:
    6 February 2020

    (Bloomberg) -- Intelsat SA and other satellite providers would share as much as $14.9 billion under a proposal from federal regulators to compensate them for giving up airwaves in an auction to wireless companies.

    The U.S. Federal Communications Commission announced Thursday a plan that would provide $9.7 billion in compensation to Intelsat, SES SA and other companies if they hit deadlines for leaving the airwaves quickly, and another $3.3 billion to $5.2 billion to pay for costs of making the switch.

    “It’s only fair that every single reasonable cost should be covered,” FCC Chairman Ajit Pai said Thursday.

    At stake is what portion of auction proceeds, projected to reach tens of billions of dollars, should go to satellite providers including Intelsat and SES, both based in Luxembourg, and Eutelsat SA.

    The satellite companies have proposed giving up part of the airwaves they use to beam TV and radio programs to stations, and to continue serving customers on airwaves they retain. The swath at issue is known as the C-band, and regulators are eager to free it to carry traffic for fast new 5G networks.

    Click HERE for further details from Reuters

    Shares closed today $3.76/share

     

    Intelsat Responds to Remarks of FCC Chairman Ajit Pai in C-Band Proceeding
    Posted:
    6 February 2020

    Incentive clearing payments to certain satellite operators to total $9.7 billion, exclusive of clearing costs

    Draft Order expected on 7 February 2020

    Intelsat (NYSE: I) today responded to remarks delivered by Federal Communications Commission ("FCC") Chairman Ajit Pai at an industry event hosted by the Information Technology and Innovation Foundation in Washington, D.C. The Chairman’s commentary previewed the key elements of a highly anticipated draft order in the C-band proceeding in which Intelsat has been an active participant since 2017. Once issued, the draft order is expected to detail the FCC’s approach to clearing C-band spectrum to enable rapid and nationwide 5G network deployment in the U.S.

    Intelsat CEO Steve Spengler said, "The issuance of the draft order represents a significant milestone in a process that we began in 2017. We look forward to reviewing the draft order, once issued, to place Chairman Pai’s comments in full context. We note with appreciation the hard work of all stakeholders to get to this juncture, and the work to come leading up to the Commission’s vote on February 28, 2020."

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