Intelsat gets the OK for restructure after bankruptcy filing

Struggling US satellite firm Intelsat has been given the go ahead to action its bankruptcy plan, which is designed to halve its debt.
The Bankruptcy Court for the Eastern District of Virginia has given approval for the firm to complete its financial restructuring, which is intended to reduce its debt from approximately $16 billion to $7 billion. Intelsat filed for Chapter 11 in May 2020 to fund the clearing costs associated with the US C-band auction.
The firm is set to emerge as a private compa