Home Business and Technology DStv will not be affected by satellite company financial restructuring

DStv will not be affected by satellite company financial restructuring

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MultiChoice’s satellite TV operations will not be affected by Intelsat’s voluntary filing of Chapter 11 petitions to the US Bankruptcy Court, the companies told MyBroadband. Intelsat announced this month that it and certain subsidiaries have filed for Chapter 11 proceedings. However, it told MyBroadband that it is not filing for bankruptcy. The Chapter 11 filing that Intelsat made is a formal legal mechanism to restructure our financials while continuing our operations as normal,” a spokesperson for the company said. There is no impact to MultiChoice, or DStv in Africa and South Africa,” Intelsat said.

MultiChoice relies on the Intelsat-20 and Intelsat-36 satellites to beam its signal for DStv across Africa. Intelsat remains committed to our customers, our employees, and will operate in a ‘business as usual’ mode emerging financially stronger to enable Intelsat to invest in new technologies, and products and services that will evolve the markets and verticals that we serve.

Intelsat said the financial restructuring will likely result in a substantial reduction of its legacy debt burden. One of the primary catalysts for restructuring the balance sheet now is Intelsat’s desire to participate in the accelerated clearing of C-band spectrum under the Federal Communications Commission order in support of a build-out of 5G wireless infrastructure in the United States,” Intelsat said.

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“To meet the FCC’s accelerated clearing deadlines and ultimately be eligible to receive $4.87 billion of accelerated relocation payments, Intelsat needs to spend more than $1 billion on clearing activities.

These clearing activities must start immediately, long before costs begin to be reimbursed, Intelsat stated. Intelsat told MyBroadband that none of its assets or operations will be sold as part of the restructuring.

We have noted the reports on Intelsat and are comfortable that this will have no impact on our business and our ability to continue delivering the best local and international content to our customers,” MultiChoice said.

In other news – Zozibini Tunzi apologises for her own ‘insensitive’ social media posts

Reigning Miss Universe Zozibini Tunzi has spoken up for the first time after Miss South Africa hopefuls suffered a backlash after their offensive tweets were unearthed by social media sleuths, last week.

The social media storm started brewing when the Joburg-based model Bianca Schoombee’s old Twitter posts were unearthed, resulting in her withdrawing from the competition. Read more

Source: mybroadband