Represented Intelsat S.A. and its debtor-affiliates—operator of the world’s largest satellite fleet and connectivity infrastructure—in connection with their chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. With approximately $15 billion in liabilities at the time of filing, and posing complex intercompany issues and novel issues of regulatory and foreign law, Intelsat was one of the largest and most complex restructurings of 2020 and 2021. Intelsat filed with $1 billion in committed DIP financing, which it subsequently refinanced and expanded up to $1.5 billion during its chapter 11 cases. During their chapter 11 cases, Intelsat purchased Gogo Inc.’s commercial aviation business, including its software platform and network management infrastructure, for approximately $400 million in a relatively unprecedented transaction for a chapter 11 debtor. After extensive multiparty and cross-silo negotiations and successful mediation efforts, Intelsat obtained confirmation of its plan of reorganization on a fully-consensual basis and emerged from chapter 11 with nearly $7 billion in new exit financing and a deleveraged capital structure.
Acosta, Inc. — Representation of Acosta, Inc., a multinational full-service sales, marketing, and retail merchandising agency with 30,000 employees, serving 1,200 blue chip companies across the globe, in its prepackaged restructuring of $3 billion of indebtedness. Acosta’s Chapter 11 plan was confirmed by the United States Bankruptcy Court for the District of Delaware just 15 days after the bankruptcy filing.
