Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 416

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 416
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 in cash and cash equivalents                      |     | $ | (73,679 | ) |

| (3) | Reflects the disbursement of funds deposited with DTC to fund payments to creditors and distributions to 
 Intelsat S.A. (now Reorganized ISA S.A.) creditors, pursuant to the Final Plan.                          |

| (4) | Changes in receivables, net includes the following (in thousands): |

| Elimination of amount due from Intelsat S.A., in consolidation |     | $ | (65  | ) |
| Cancellation of amounts due from a third party                 |     |   | (35  | ) |
| Net change in receivables, net                                 |     | $ | (100 | ) |

| (5) | Changes in prepaid expenses and other current assets includes the following (in thousands): |

| Funding of reserve to make future distributions to creditors                    |     | $ |  1,404 |   |
| Elimination of prepaid directors and officers insurance policies related to the 
 Predecessor                                                                     |     |   | (2,069 | ) |
| Net change in prepaid expenses and other current assets                         |     | $ |   (665 | ) |

| (6) | Changes in other assets includes the following (in thousands): |

| Elimination of prepaid directors and officers insurance policies related to the          
 Predecessor                                                                              |     | $ | (11,173 | ) |
| Reduction of a deferred income tax asset related to the implementation of the Final Plan |     |   | (2,285  | ) |
| Net change in other assets                                                               |     | $ | (13,458 | ) |

| (7) | Changes in accounts payable and accrued liabilities includes the following (in thousands): |

| Reinstatement of liabilities                                 |     | $ |  18,593 |   |
| Funding of reserve to make future distributions to creditors |     |   |   1,404 |   |
| Payment of professional fees                                 |     |   | (30,893 | ) |
| Net change in accounts payable and accrued liabilities       |     | $ | (10,896 | ) |

F-127

| (8) | Reflects the DIP-to-Exit                                                                                                                                     
 Financing and the reclassification of the net carrying value of debt from current liabilities to non-current liabilities, based on the maturity of the debt. |

| (9) | Reflects the settlement of amounts due to related