Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 405

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 405
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 directly and incrementally resulting from the Chapter 11 Cases are separately reported as reorganization items
in our consolidated statements of operations. Amounts reflected as Successor in the tables below primarily relate to professional fees incurred for Fresh Start Accounting, restructuring, and claims management activities, as well as trustee fee
payments and legal expenses.

F-120

Reorganization items consisted of the following (in thousands):

|                                                                                                  |     | Predecessor       
 Two Months Ended  
 February 28, 2022 |           |   |     | Successor         
 Ten Months Ended  
 December 31, 2022 |         |   |
|:-------------------------------------------------------------------------------------------------|:----|:------------------|----------:|:--|:----|:------------------|:--------|:--|
| Gain on settlement of liabilities subject to compromise                                          |     | $                 | 5,708,937 |   |     | $                 | —       |   |
| Fresh start valuation adjustments                                                                |     |                   |  (702,511 | ) |     |                   | —       |   |
| Adjustment of debt discount, premium and issuance costs, and debtor-in-possession financing fees |     |                   |  (235,402 | ) |     |                   | —       |   |
| Professional fees                                                                                |     |                   |   (88,711 | ) |     |                   | (33,747 | ) |
| Make-whole premium                                                                               |     |                   |         — |   |     |                   | —       |   |
| Other reorganization costs                                                                       |     |                   |    (2,796 | ) |     |                   | (8      | ) |
| Total reorganization items                                                                       |     | $                 | 4,679,517 |   |     | $                 | (33,755 | ) |

Note 3—Fresh Start Accounting Upon Emergence, we qualified for and adopted Fresh Start Accounting in accordance with ASC 852, which resulted in a newly created entity, Intelsat S.A. becoming our ultimate parent company for financial reporting purposes because (1) the holders of the then-existing common shares of the Predecessor received less than 50 percent of the new common shares of the Successor outstanding upon Emergence, and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the Final Plan was less than the total of all post-petition liabilities and allowed claims. Upon adoption of Fresh Start Accounting, the reorganization value derived from