Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 459

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 459
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 change in the balance of unrecognized tax benefits consisted of an increase of $6.0 million related to current year tax positions for the year ended December 31, 2024 and net increases of $9.9 million related to prior year tax positions for the year ended December 31, 2024. The increase in gross unrecognized tax benefits was partially offset by $20.3 million related to the expiration of the statute of limitations on the assessment of certain tax positions during the year ended December 31, 2024. We operate in various taxable jurisdictions throughout the world, and our tax returns are subject to audit and review from time to time. We consider Luxembourg, the U.S. and the UK to be our significant tax jurisdictions. Our subsidiaries in these jurisdictions are subject to income tax examination for periods after December 31, 2017. We believe that there are no jurisdictions in which the outcome of unresolved tax issues or claims is likely to be material to our results of operations, financial position or cash flows within the next twelve months. As described in Note 8—Debt, in accordance with the Final Plan, all of the Company’s debt that was outstanding as of December 31, 2021 has been repaid or settled and extinguished. The IRC provides that a debtor in a Chapter 11 bankruptcy case may exclude cancellation of debt income (“CODI”) from taxable income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is determined based on the fair market value of the consideration received by the creditors in settlement of outstanding indebtedness. Upon emergence from Chapter 11 bankruptcy proceedings, CODI may reduce some or all of the amount of prior U.S. tax attributes, which can include net operating losses, general business credits, capital losses, and tax basis in assets. The actual reduction in tax attributes occurred effective December 31, 2022. The Company’s amount of remaining U.S. deferred tax assets, against which a partial valuation exists, will be limited under IRC Section 382 due to the change in control resulting from the Final Plan. In 2024, the Company realized intercompany installment income F-163

at a US subsidiary. This resulted in a taxable income event which utilized a portion of the existing recognized built-ingain (“RBIG”) income. The Company has evaluated the impact of the reorganization, including the change in control, resulting from its emergence