World”s largest satellite operator, Intelsat, declared bankruptcy

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Intelsat, the world’s largest satellite operator, has filed a bankruptcy petition to restructure its debts. This was reported in a statement published on the company’s website on Thursday, May 14.

“This is a turning point in our company’s history. Intelsat is a pioneer and pioneer of the satellite industry. We have been respected for quality, innovation, industry leadership and premium services for over 50 years. Our success has come despite the fact that we have been burdened with a significant debt. Now it’s time to change that,” said CEO Stephen Spengler.

Through the bankruptcy proceedings, the company wants to obtain permission from the Federal Communications Commission to use C-band frequencies to deploy 5G network infrastructure on U.S. territory. In addition, the company has suffered severe damage from the Coronavirus pandemic.