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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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
