An unusual move for SpaceX / Virgin Orbit Investments / Intelsat’s creditors settlements – SatNews

Elon musk EspaceX should throw 52 of his Star link machine in circular orbit today (December 17). This is an unusual move by Musk’s team – this launch is designed to fill in gaps in the constellation’s existing coverage.

The launch will take place from SpaceX’s facilities at Vandenberg Air Base in California (at 09:26 UTC). Specialized observer TS Kelso at CelesTrak said the satellites will be deployed 15 minutes later at 10:01 UTC.

The circular orbits will be approximately 550 km (340 miles) above sea level once the satellites have risen after launch. The satellites have been described as versions 1.5.

Separately, Musk spoke about his plans for the big Vessel and – according to an interview with Time magazine – said he would be surprised “if we don’t land on Mars in five years”.

OneWeb is currently building its satellites in a joint venture that it owns with Airbus Space & Defense in Florida. It recently emerged that he was planning to build his second generation satellites in the UK. Airbus has manufacturing plants in the UK at Portsmouth and Stevenage. OneWeb said the company has no plans to shut down its Florida plant. The new UK installation will be commissioned around 2025 according to Chris McLaughlin, Head of Regulatory Affairs for OneWeb.

Massimiliano Ladovaz, CTO at OneWeb, clarified Mr. McLaughin’s comments saying that OneWeb had issued an industry-wide Request for Information in regard to its Generation 2.0 versions. “We are still evaluating exactly how the entire supply chain for Gen 2 will be deployed,” Ladovaz said. “Clearly, there will be an important presence in the UK, we’re not denying that. But we’re going to look at the best in class everywhere.”

There is tremendous demand for manufacturing small LEO satellites, and a seemingly enthusiastic number of billionaires and countries want their own constellations of satellites.

Virgin Orbit invests in Hypersat and SatRevolution

Sir Richard branson-supported Virgin orbit took a 17.5% stake in EO image company Hypersat, as well as to invest in a fundraising SatRevolution.

Hypersat is already a Virgin Orbit customer and used Virgin’s rocket plane to launch six of its hyperspectral satellites.

SatRevolution from Poland is busy raising funds for its small satellites and, again, was one of the first customers of Virgin Orbit’s LauncherOne system.

“Our partnership with Virgin Orbit will help us to develop critical relationships with existing and new customers and to give us speed, momentum and the resilience to deliver over the long term,” said Grzegorz Zwolinski, co-founder and CEO of SatRev.

Approved Intelsat Creditors Settlements

Judge Keith phillips December 16 approved Intelsatthe plan to settle much of his debt ahead of his May 2020 Chapter 11 bankruptcy.

The bottom line is that the deal cuts Intelsat’s old debts of around $ 16 billion by more than half thanks to the acceptance of the new one. Reorganization plan.

The court decision stated: “The Settlement is a compromise and a good faith settlement of claims, interests, causes of action and controversies between the Debtors, the Senior Groups, the Jackson Crossover Group and the Committee (collectively, the “Settlement Parties”). Such a compromise and settlement is the product of thorough and independent negotiations in good faith which culminated in the settlement, which represents a fair, equitable and reasonable compromise.. “

The settlement order and its terms are binding and free up nearly $ 8 billion in new funding in post-release funding.

The approved plan follows a series of court applications regarding Intelsat’s exit from bankruptcy and how the company will be structured after bankruptcy. As the court said, “Some objections resolved and the remaining objections dismissed. “

Judge Phillips said he would approve a revised version of the bankruptcy plan that takes into account the ad hoc convertible group’s agreement on the settlement, as well as other changes, in a much delayed hearing on December 16 as last minute negotiations were concluded. The US trustee objected to aspects of the company’s management incentive plan, but this was rejected.

Intelsat has agreed to give the holders of the ad hoc notes an additional $ 25 million in cash, along with three board appointments, to remove their objections to the plan.

Some elements were already clear. For example, Intelsat SA (according to its terms, and with regard to the Luxembourg part of the activity) “draw two levels of cards below Intelsat SA. “This will have the effect of”rupture of the fiscal unit»For companies registered in Luxembourg. They can in turn “monetize net operating lossesWhich have accumulated in Luxembourg.

Intelsat, in a Statement from CEO Stephen Spengler, said, “Today’s Plan confirmation is a key milestone in Intelsat’s transformation. We have achieved all of the goals we identified at the outset of the process, including a substantial reduction of our legacy debt burden. Throughout the process, we have driven our business forward at full speed – launching new satellites, advancing the accelerated clearing of C-band spectrum, acquiring Gogo’s commercial aviation business, progressing our next generation network and service strategy, and serving customers every day with the excellence for which we are known. We greatly appreciate the dedication and contributions of our employees, the support of our valued customers, vendors, and other partners, and the collaboration with our financial stakeholders as we pave the way for future innovation and growth.
“With a strengthened balance sheet, strong operating model, and unparalleled global orbital and spectrum rights, scale, and partnerships, we will be better positioned to advance our strategic objectives, accelerate our growth trajectory, and fuel the success of our customers and other key stakeholders. Our goals include building the world’s first global 5G satellite-based, software-defined, unified network,” Spengler continued. “For nearly 60 years, Intelsat has been respected for innovation, reliability, sector leadership, and high-performing services and support. We look forward to maintaining our leading position in the satellite communications industry for decades to come,” added Spengler, who is set to leave Intelsat once the bankruptcy wraps.

Under the terms of the plan and with exit financing commitments already secured, Intelsat is expected to emerge as a private company, with the support of new shareholders, access to $ 7.875 billion in capital as well as a significantly deleveraged balance sheet. The company is well positioned to continue reducing debt after receiving $ 4.87 billion in expedited relocation payments under the C-Band Spectrum Offset Project, including $ 1.2 billion of the total already approved by Federal Communications Commission for early receipt in January.

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