Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 216

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 216
---
Intelsat audited financial statements for the period ended December 31, 2023 included elsewhere in this prospectus.

Fresh Start and Bankruptcy Accounting

Upon emergence from bankruptcy, Intelsat adopted Fresh Start Accounting in accordance with Accounting Standards
Codification (“ASC”) 852, Reorganizations (“ASC 852”). A newly created entity, Intelsat S.A. became Intelsat’s ultimate parent company for financial reporting purposes. Intelsat evaluated the events between
Intelsat’s emergence from bankruptcy on February 23, 2022 (the “Effective Date”) and February 28, 2022, and concluded that the use of an accounting convenience date of February 28, 2022 would not have a material impact
on Intelsat’s consolidated statements of operations or consolidated balance sheet. As a result, the consolidated financial statements after the Fresh Start Reporting Date are not comparable with the consolidated financial statements on or
before that date. See Note 3—Fresh Start Accounting of the Intelsat audited financial statements for the period ended December 31, 2023 included elsewhere in this prospectus.

146

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 During the Predecessor period, Intelsat’s consolidated financial statements included herein were prepared as if Intelsat was a going concern and to reflect the application of ASC 852. ASC 852 requires the financial statements, for periods subsequent to the commencement of Intelsat’s Chapter 11 proceedings, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, Intelsat classified liabilities and obligations whose treatment and satisfaction were dependent on the outcome of the reorganization under the Chapter 11 proceedings as liabilities subject to compromise on Intelsat’s consolidated balance sheets. In addition, Intelsat classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 proceedings as reorganization items in Intelsat’s consolidated statements of operations. See Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of the Intelsat audited financial statements for the period ended December 31, 2023 included elsewhere in this prospectus. Upon application of Fresh Start Accounting, Intelsat allocated the reorganization value to Intelsat’s individual assets and liabilities, except for deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date with the remaining excess value