Nearly one year into its bankruptcy, Intelsat SA is struggling to gain the support of a group of creditors that says the satellite operator’s proposed restructuring strategy improperly benefits other stakeholders at the group’s expense.
The dispute comes as Intelsat, represented by Kirkland & Ellis, prepares to ask U.S. Bankruptcy Judge Keith Phillips in Richmond, Virginia, for a nine-month extension of its exclusive period to file a Chapter 11 plan at a virtual hearing on Wednesday. Though Intelsat filed a plan in February, it says the additional time is necessary to ensure that it maintains control of its case, which is especially complicated due to the various types and levels of debt at Intelsat’s multiple bankrupt entities.
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