An ad hoc group of holders of Intelsat SA’s $402.5 million 4.5% notes due June 2025 has organized with Stroock as legal advisor to evaluate recoveries of the holdings in a
restructuring, according to sources. The ad hoc group mainly holds the convertible notes while other creditor groups that own the notes also have significant ownership of other tranches of the company’s debt, the sources said.
Appaloosa, Anchorage Capital, Highbridge Capital Management, Whitebox Advisors and Stonehill Capital Management, as members of an ad hoc group of creditors
represented by Paul Weiss as counsel and Ducera Partners as financial advisor,
held $229 million, or 57%, of the convertible notes as of June 26.
Goldman Sachs Asset Management and Davidson Kempner Capital Management, as members of an ad hoc group of creditors
represented by Jones Day as legal advisor and Houlihan Lockey as financial advisor, held $19.8 million, or 4.9%, of the convertible notes as of June 30.
The convertible notes last traded in size at 34.9 on Dec. 3, according to TRACE.
Intelsat and Stroock did not immediately respond to requests for comment.
--Harvard Zhang