Telesat creditors put forward new proposal as debt repayment deadline draws closer, source says
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Open this photo in gallery:Satellite antennas at the Telesat facility in Allan Park, Ont., in 2019. The company, which started out as a Crown corporation before becoming a private entity in the 90s, operates communications satellites. The Globe and MailLenders to Ottawa-based Telesat Corp. TSAT-T have proposed a new recapitalization plan ahead of a looming debt-repayment deadline that the satellite operator is at risk of missing. Telesat, which is building a constellation of low-Earth-orbit satellites dubbed Lightspeed, has approximately US$1.71-billion in debt coming due Dec. 6, with another US$438-million of debt maturing in 2027. The debt was issued by a subsidiary of the company called Telesat Canada and is tied to the company’s fleet of geostationary satellites, an older business division that is in decline. Telesat has said in financial filings that its cash flow is insufficient to meet all of its debt obligations. The lenders – including Silver Point Capital, GoldenTree Asset Management and Sound Point Capital Management – recently put forward a second proposal to the company, according to a source familiar with the situation.
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