%1

Intelsat SA, the satellite operator that has been in bankruptcy for more than 18 months, secured court approval for its restructuring plan after a trial and last-minute settlement that centered on who will get nearly $5 billion in future payments from the Federal Communications Commission, Bloomberg News reported. The plan, which originally faced numerous objections but now has broad creditor support, will cut its debt load from about $16 billion and outlines about $7.9 billion in new borrowings for Intelsat to exit bankruptcy. The company negotiated 11th hour settlements with its hold-out constituents, notably the ad hoc convertible note holders, after a week-long trial that saw both sides arguing over which part of the capital structure should receive the FCC cash. The satellite firm filed for bankruptcy in May 2020 to trim its debt as part of a broader turnaround that hinges on transferring its so-called C-Band spectrum for use by the FCC. The commission has promised Intelsat that it will receive about $4.9 billion in exchange for hitting certain milestones to transfer the airwaves that can be used by mobile phone companies to provide 5G services.

GTT Communications, Inc., a leading global cloud networking provider to multinational clients, announced today that the U.S. Bankruptcy Court for the Southern District of New York has approved the company’s pre-packaged plan, according to a press release. The pre-packaged plan enables GTT to improve its capital structure and execute its long-term business strategy. The combination of the recently completed infrastructure division sale and the transactions contemplated by the plan will reduce the company’s debt by approximately $2.8 billion. GTT expects to emerge from the chapter 11 process following receipt of the necessary regulatory approvals for the restructuring. GTT continues to operate and serve its customers in the U.S. and globally without interruption. Employees and partners are being paid in the ordinary course of business for obligations incurred prior to and after the commencement of the chapter 11 cases. The company also said that it has access to sufficient liquidity to operate its businesses including the payment of all such obligations.

NSO Group Ltd., the scandal-plagued spyware company that’s in danger of defaulting on its debts, is exploring options that include shutting its controversial Pegasus unit and selling the entire company, Bloomberg News reported. Talks have been held with several investment funds about moves that include a refinancing or outright sale, said the people, who asked not to be identified as the discussions are private. The company has brought in advisers from Moelis & Co. to assist, and lenders are getting advice from lawyers at Willkie Farr & Gallagher. The prospective new owners include two American funds that have discussed taking control and closing Pegasus. Under that scenario, the funds would then inject about $200 million in fresh capital to turn the know-how behind Pegasus into strictly defensive cyber security services, and perhaps develop the Israeli company’s drone technology.