Intelsat Files for Chapter 11 Before 5G Spectrum Sales (2)

Intelsat SA, the satellite company weighed down by almost $15 billion of debt, filed for bankruptcy protection as part of efforts to raise cash needed to prepare its spectrum for a U.S. government auction.

With its Chapter 11 filing in Virginia, the Luxembourg-based company saidit lined up $1 billion in financing to fund operations during bankruptcy proceedings and make investments required ahead of the auction.

Under rules set by the Federal Communications Commission, Intelsat may collect $4.86 billion for quickly giving up the so-called C-band spectrum so the airwaves can be used by mobile phone companies to provide ...