Intelsat won another six months from the Federal Communications Commission to complete a government-mandated initial public offering. The FCC agreed the extra time is needed to ensure an offering large enough to accomplish the government’s goal of diluting holdings of Intelsat’s founding government signatories.
The FCC Wednesday extended the Dec. 31 deadline to June 30 to allow the company to first complete its acquisition of Loral Space and Communications. FCC approval of the Loral acquisition is pending. Intelsat says completing the IPO first will bolster the company’s competitive position and attract the necessary number of new investors.
Intelsat privatized in 2001. Intelsat and Loral provide broadcasters, cable TV networks and others with long-distance transmissions.