Intelsat S.A. (fka INTEQ)

[DeadBatBounce]

Why? Did I miss something, or are you being sarcastic?

...Under the proposed plan, Intelsat Jackson unsecured debt holders will receive 95% of the company’s new shares, which translates to a recovery of about 8.5%, according to the company’s disclosure statement. ICF holders would get 3.043% of new shares and LuxCo holders would received 1.957%. Unsecured creditors will also be entitled to warrants to purchase additional equity.

Shareholders Wiped

Existing shareholders will be wiped out, and the company’s term loan lenders and first-lien note holders are entitled to cash payments for a nearly 100% recovery. The company will receive a new $750 million secured credit facility...