ITEM 7.01. REGULATION FD DISCLOSURE.
As previously reported, on May 13, 2020, Intelsat S.A. (the "Company") and
certain of its subsidiaries (together with the Company, the "Debtors") commenced
voluntary cases (the "Chapter 11 Cases") under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the Eastern District
of Virginia. Further, as previously reported, on February 11, 2021, the Debtors
entered into that certain Plan Support Agreement (together with all exhibits and
schedules thereto, the "PSA"), with certain of the Debtors' prepetition secured
and unsecured creditors (the "Consenting Creditors"), which contains, among
other things, certain covenants on the part of the Debtors and the Consenting
Creditors, including that the Consenting Creditors vote in favor of the Joint
Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates.
In connection with the Chapter 11 Cases and potential restructuring transactions
involving the Company and/or certain of the Company's indebtedness, the Company
entered into confidentiality agreements with certain creditors who are not
Consenting Creditors (as well as certain Consenting Creditors) in an effort to
build consensus for potential restructuring transactions, and in which the
Company agreed to publicly disclose certain information, including material
non-public information thereunder (the "Cleansing Materials"), upon the
occurrence of certain events set forth in the confidentiality agreements. The
Company is furnishing the Cleansing Materials as Exhibit 99.1 hereto in
satisfaction of its obligations under such confidentiality agreements.
While discussions are ongoing, as of April 7, 2021, the Company had not reached
an agreement with respect to the material terms of such potential restructuring
transactions with certain creditors who are not Consenting Creditors, and there
can be no assurances that such an agreement will be reached in the future. The
latest written term sheets summarizing the material terms of such potential
restructuring transactions is attached as Exhibit 99.1 hereto. For the avoidance
of doubt, the PSA remains in effect.
The information in this Form 8-K and the exhibits attached hereto shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), nor shall they be deemed incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
Cautionary Note Regarding the Company's Securities
The Company cautions that trading in the Company's securities during the
pendency of the Chapter 11 Cases is highly speculative and poses substantial
risks. Trading prices for the Company's securities may bear little or no
relationship to the actual recovery, if any, by holders of the Company's
securities in the Chapter 11 Cases. The Company expects that holders of the
Company's common shares could experience a significant or complete loss on their
investment, depending on the outcome of the Chapter 11 Cases.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Cleansing Materials - Term Sheets
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document
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