Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 344

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 344
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 the Chapter 11 plan of
reorganization—the Fourth Amended Joint Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates (the “Final Plan”)—which was then confirmed by the Bankruptcy Court. On February 23, 2022 (the
“Effective Date”), the Debtors emerged from the Chapter 11 Cases, upon which we adopted fresh start accounting (“Fresh Start Accounting”) in accordance with ASC 852, Reorganizations (“ASC 852”).

We evaluated the events between the Effective Date and February 28, 2022 and concluded that the use of an accounting convenience date of
February 28, 2022 (the “Fresh Start Reporting Date”) would not have a material impact on our consolidated statements of operations or consolidated balance sheets. The consolidated financial statements after the Fresh Start Reporting
Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts
presented. References to “Predecessor” relate to the financial position of Intelsat S.A. (now Reorganized ISA S.A. upon the occurrence of certain restructuring transactions, which occurred substantially contemporaneously with the Effective
Date (as defined herein)) and its subsidiaries on a consolidated basis prior to, and results of operations through and including, February 28, 2022. References to “Successor” relate to the financial position and results of operations
of Intelsat S.A. and its subsidiaries on a consolidated basis as of and subsequent to February 28, 2022.

During the Predecessor
period, the Company applied ASC 852, which requires the financial statements for periods subsequent to the commencement of our bankruptcy proceedings to distinguish transactions and events that are directly associated with the reorganization from
the ongoing operations of the business. Accordingly, we classified all expenses, gains or losses that were incurred or realized as a result of the Chapter 11 proceedings as reorganization items in our consolidated statements of operations.

C-bandSpectrum Clearing

On March 3, 2020, the U.S. Federal Communications Commission (“FCC”) issued its final order in the C-band proceeding (the “FCC Final Order”), which, among other things, provides for monetary incentives for fixed satellite services providers to clear a portion of the
C-band spectrum on an accelerated basis (the “Accelerated Relocation Payments” or “ARPs”).