McLean-based satellite operator Intelsat Corp. announced Friday it has the support of creditors to financially restructure under Chapter 11 bankruptcy, which would decrease the company’s debt from nearly $15 billion to $7 billion.
“Today’s filings and the significant consensus already achieved on the plan pave the way for the company’s emergence from the Chapter 11 proceedings in the second half of 2021,” according to Intelsat’s Friday statement.
The company first announced its intent to file for Chapter 11 bankruptcy in May 2020. The plan is pending before the U.S. Bankruptcy Court for the Eastern District of Virginia.
