The satellite giant, whose corporate headquarters are located in Luxembourg-Kirchberg, announced on Wednesday it had filed an amended reorganisation plan in its pending Chapter 11 proceedings before the US bankruptcy court of the Eastern District of Virginia, Richmond Division. 

, the amended plan is supported by holders of close to three quarters of the company’s funded debt ($11b).

Under the amended plan, Intelsat will become a private company supported by new equity owners, able to become publicly traded again at some point in the next five years. 

The firm said it was making advances on several technological innovations, including rights and partnerships to build a 5G satellite-based network of satellite networks that can support any access technology, supporting mobility, Internet of Things and 5G services. 

Intelsat is currently seeking court approval for a disclosure statement and to set up a vote on the amended plan at a hearing on 1 September, 2021. 

Luxembourg-American satellite firm Intelsat expects to more than halve its $15m debt with an amended plan for a comprehensive financial restructuring, pending a vote on 1 September. 