May Restructuring Activity
May 4 – OneWeb Global Ltd., which filed for Chapter 11 bankruptcy protection in the United States in March, received multiple initial letters of interest from potential purchasers. Final binding bids are due June 26, along with a deposit equal to 10% of bid value, and an auction is scheduled for July 2.
May 7 – Creditors of Phasor Solutions Limited, the UK subsidiary of Virginia-based Phasor Inc., a start-up working on a small, flat-panel, steerable antenna product for mobile applications, initiated UK bankruptcy administration.
May 13 – Intelsat S.A. (Intelsat) and a number of its subsidiaries voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Virginia to preserve liquidity and reduce the company’s almost $15b debt burden. Intelsat announced that it received commitments of $1b in debtor-in-possession financing, which will enable the company to fund continuing operations and C-band clearing efforts pursuant to the FCC accelerated C-band clearing program.
