Intelsat files for bankruptcy

The largest international satellite operator Intelsat has filed for bankruptcy in a US court to restructure, Report says, citing foreign press.

To facilitate the financial restructuring, Intelsat and some subsidiaries have filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the Eastern District of Virginia, Richmond Division. Intelsat General (IGC), which serves the Company's US commercial, government, and Allied military customers, is not part of the Chapter 11 proceedings.

One of the primary catalysts for restructuring the balance sheet now is Intelsat's desire to participate in the accelerated clearing of the C-band spectrum under the Federal Communications Commission order in support of a build-out of 5G wireless infrastructure in the United States.

The Intelsat orbital group consists of more than 50 spacecraft.

Earlier, the Speaker of the United States House of Representatives Nancy Pelosi said at the Munich security conference that 5G technologies introduced by the Chinese company Huawei pose a threat to the United States because of their cheapness.