Global satellite operator Intelsat filed for bankruptcy protection on Thursday, citing disruption from to its business from the virus pandemic, in a move aimed at restructuring its operations.

The filing in US bankruptcy court in Virginia listed more than $16 billion in debt.

The company said in a statement it was "managing the economic slowdown impacting several of its end markets caused by the COVID-19 global health crisis."

It said bankruptcy protection would help it restructure its balance sheet as it reorganizes operations, and that business would continue during this process.

The company is scheduled to receive $4.87 billion for exiting the C-band required by the US Federal Communications Commission for 5G, or fifth generation wireless networks in the United States.

But it needs to spend more than $1 billion on "clearing activities" before receiving any payments.

"This is a transformational moment in the history of our company," said chief executive Stephen Spengler.

"This will position us 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."

Intelsat, originally formed to promote global satellite communications in the 1960s and later privatized, operates more than 50 geostationary satellites as rival operators move to new space-based systems for internet communications.

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Intelsat signs contract with Arianespace for two launches
Evry, France (SPX) Jan 10, 2018
Arianespace signed an agreement to launch two satellites for longtime customer Intelsat, one of the world's largest satellite operators. This continues the longstanding relationship between Intelsat and Arianespace that dates back to 1983. The first launch will carry the Galaxy 30 satellite together with the Orbital ATK Mission Extension Vehicle-2 (MEV- 2) as a stacked pair. Galaxy 30 will be the first replacement satellite for the North American Galaxy Fleet and in addition to its C-band payload, ... read more