Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 387

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 387
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)) and certain of its subsidiaries (each, a “Debtor” and collectively, the “Debtors”),
commenced voluntary cases (the “Chapter 11 Cases”) under title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”). On
December 17, 2021, the Debtors filed an amended version of 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