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Intelsat Privatization Plan Formally Approved
Washington - Nov. 20, 2000 In an historic meeting here 13-17 November, the Intelsat Assembly of Parties, representing all 144 member governments, unanimously approved a plan to privatize Intelsat. All transactions will be completed on 18 July 2001, allowing sufficient time to meet some members' legislative approval requirements. Privatization places Intelsat on a level playing field to better address opportunities of the telecommunications marketplace. Streamlined decision-making will make it easier to expand the business, leveraging well established, industry-leading services and global distribution channels. Additional capital market transactions should be expected in 2001. An initial public offering is also expected within one year after privatization. The approved plan endorses Intelsat's owners' earlier recommendation to transfer substantially all assets, liabilities and operations to a private, Bermuda-based holding company, known as Intelsat Ltd., and its 100%-owned subsidiaries. All current and planned C- and Ku-band satellites, as well as corresponding operating licenses, will be held by Delaware-based subsidiary and U.S. licensee, Intelsat LLC. Orbital filings in the Ka, V and BSS frequency bands will be authorized for use by Intelsat Ltd. by the United Kingdom. The private company's main service subsidiary will be in Washington, D.C., in the current Intelsat Headquarters building. A new, fiduciary board of directors, with a majority of independents, will be elected by all shareholders upon privatization. In accordance with its heritage as a global satellite communications services provider to all countries, Intelsat Ltd. will continue to honor a clear set of public service commitments on a commercial basis. These include the continued commercial provision of: 1) global coverage and global connectivity; 2) service to "lifeline" customers around the world according to specific Lifeline Connectivity Obligation Contracts; and 3) non-discriminatory access to the Intelsat Ltd. satellite fleet. A small, separate and independent intergovernmental office will monitor the private company's implementation of these public service commitments. "I am elated with this decision and the green light to move forward," said Mr. Conny Kullman, Intelsat's Chief Executive Officer. "Privatization in this manner will allow us to grow and remain a strong competitor in the global market. It is a win-win solution that meets important international policy requirements but also gives the flexibility our investors and customers demand around the world," he added. Community Email This Article Comment On This Article Related Links Intelsat SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Orbcomm's Equity Financings Complete
Bremen, Germany (SPX) Jan 06, 2006OHB Technology affiliated company Orbcomm has announced that it has completed equity financings totaling over $110 million led by Pacific Corporate Group (PCG), which committed $60 million. New investors, in addition to PCG, include investment firms MH Equity Investors and Torch Hill Capital. |
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