Kekst CNC is guiding the bankruptcy of Intelsat, the debt-burdened operator of the world's biggest commercial satellite fleet, as it positions for the federal government's auction of the airwaves for use in 5G networks.

Stephen Spengler, CEO, said Intelsat is respected for its quality, innovation and premium services but success came despite being burdened by substantial legacy debt.

The financial restructuring will enable it "to invest and pursue our strategic growth objectives, build on our strengths, and serve the mission-critical needs of our customers with additional resources and wind in our sails," he said.

Private equity firms BC Partners and Silver Lake own big chunks of Intelsat.

Kekst CNC's Sherri Toub, Ruth Pachman and Ross Lovern are working the Intelsat filing.