Intelsat is inching towards its exit from its Chapter 11 bankruptcy reconstruction. Its bankruptcy court has now set the dates for the Confirmation Hearing of its formal Exit Plan.
Intelsat’s lawyers issued its final Disclosure Statement – which can still be amended and modified – on October 17th. They had hoped to start the process on November 8th but that planned hearing has now been postponed to December 2nd with the judge supervising the process saying that there’s still a lot of work to be done and that a 4-day planned hearing might not be adequate.
The following probable dates are being suggested:
– Confirmation Objection Deadline is likely to be November 12th
– Final pre-Trial conference, likely for November 16th
– Voting, on the scheme, is set at November 22nd
– Replies of support or objections, likely to be November 23rd
– Confirmation Hearing set for December 2nd
The various litigants have been told that their opening statements are limited to 60 minutes, while the Plan supporters/objectors are limited to 30 minutes while other comments are limited to 15 minutes.
“The party calling the witness may also, at its election, present limited direct examination, limited to no more than 10 minutes per witness; with the exception that each party may choose one witness to testify for live direct examination for up to 60 minutes if it elects to do so,” proposes Intelsat’s legal team. Advanced Television