Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 364

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 364
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 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 the range of enterprise value associated with the Final Plan was allocated to the Company’s individual assets and liabilities, except for F-116

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date with the remaining excess value allocated to goodwill in conformity with ASC 805. The amount of deferred taxes was determined in accordance with ASC 740. As a result of the adoption of Fresh Start Accounting and the effects of the implementation of the Final Plan, the consolidated financial statements of the Successor are not comparable to the consolidated financial statements of the Predecessor. (a) Reorganization Value Under ASC 852, the Successor determined a value to be assigned to the equity of the emerging entity as of the date of adoption of Fresh Start Accounting. The Final Plan confirmed by the Bankruptcy Court estimated a range of enterprise value between $10.25 billion and $11.75 billion, with a midpoint of $11.0 billion. The Company deemed it appropriate to use the midpoint of the range to determine the final enterprise value of $11.0 billion. The range of enterprise value was determined using various financial analyses, including the comparable companies analysis, discounted cash flow analysis and precedent transaction analysis. The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Fresh Start Reporting Date (in thousands):

| Adjusted enterprise value ($11.0 billion mid-point,                                    
 net of net present value of ARP of $1.16 billion received prior to the Effective Date) |     | $ |  9,840,000 |   |
| Plus: Excess cash                                                                      |     |   |    132,000 |   |
| Less: Fair value of debt                                                               |     |   | (6,190,000 | ) |
| Less: Other liabilities and adjustments including noncontrolling interest              |     |   |    (71,000 | ) |
| Fair value of Successor equity                                                         |     | $ |  3,711,000 |   |
| Fair value of Successor common shares                                                  |     | $ |