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S&P drops Intelsat
S&P said it dropped Intelsat SA to D from SD, citing the company’s decision to file for Chapter 11 of the U.S. Bankruptcy Code voluntarily.
“As the filings indicate, the company will continue to operate through the bankruptcy process, and it has obtained a commitment for $1 billion in debtor-in-possession (DIP) financing. We believe management will use proceeds from the DIP financing, cash on hand, and free cash flow to support Intelsat through the bankruptcy process,” S&P said in a press release.
The company’s unsecured debt remains at D.
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