Intelsat, an operator of a satellite and terrestrial network, achieved the support of key creditor groups across its capital structure on the terms of a financial restructuring that would reduce the company’s debt from nearly $15 billion to $7 billion.

The company filed an amended plan of reorganization in its Chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, accompanied by an explanatory disclosure statement. The amended plan has the support of holders of approximately $11 billion, or nearly 75%, of the company’s funded debt. These supporting creditors executed a plan support agreement that binds their support for the company’s amended plan.

The company is seeking court approval of the disclosure statement and to establish procedures to solicit votes on the amended plan at a hearing scheduled for Sept. 1.

These filings and the consensus in support of the amended plan will help to achieve completion of the financial restructuring process and the company’s emergence from Chapter 11 by the end of 2021. The amended plan provides that Intelsat will emerge as a private company with the support of new equity owners, with a path to becoming publicly traded again at some point in the next five years.

Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as financial advisor and Alvarez & Marsal is serving as restructuring advisor to Intelsat.