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    INTEQ   LU0914713705


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INTELSAT S.A. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

04/07/2021 | 08:24am EDT


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 such filing.

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.


(d) Exhibits

  No.        Description

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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