Bankruptcy Law News

Bankrupt Intelsat Seeks $17 Million for Executive Bonuses

June 10, 2020, 9:20 PM

Intelsat SA, a bankrupt Luxembourg satellite company, has asked a bankruptcy court in Virginia for permission to pay six top executives $17 million in bonuses.

Awards in the key employee incentive program (KEIP) would only be paid out if certain targets for 2020 are met, the company said in a filing Tuesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

“The KEIP Participants will not be eligible to obtain any award simply as a result of merely ‘showing up,’” the filing said.

The bonuses would include up to $6.9 million for Stephen Spengler, the company’s director and...

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