Intelsat files revamp plan to emerge from bankruptcy

BENGALURU: Satellite operator Intelsat SA said on Friday it has filed a restructuring plan backed by some of its creditors, in a bid to reduce debt and emerge from bankruptcy in the second half of the year.

The plan aims to reduce debt by more than half to $7 billion and has the support of holders of about $3.8 billion of its debt, the company said. It has sought a hearing on Mar. 17 for a court approval to solicit votes on the plan.