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French Officials say yes to OneWeb Ltd. but Intelsat SA say no

WSJ REPORTED today that  “Intelsat SA’s deal to entice bondholders to support a combination with SoftBank Group Corp. 9984 0.55% -backed OneWeb Ltd. fell apart largely over the refusal of one group of bondholders to take a haircut, or steep markdown, on hundreds of millions of dollars on the face value of their bonds, according to people familiar with the matter.

A majority of holders of $1.9 billion of bonds issued by the company’s Intelsat Luxembourg SA subsidiary were looking for SoftBank, Intelsat and owner BC Partners to offer the group as much as $400 million more, in the form of debt and cash, to go along with the deal, according to two people familiar with the matter. Meanwhile, most holders of $6.8 billion of bonds issued by the Intelsat Jackson Holdings SA subsidiary agreed to the company’s offer, according to a third person familiar with the matter.SoftBank in late March 2017 unveiled the deal to combine OneWeb, in which it owns a 20% stake, with Intelsat. SoftBank had agreed to put $1.7 billion in cash into the combined entity, but the deal was contingent on 85% of bondholders agreeing to take haircuts on their debt.Intelsat, owned by private-equity firm BC Partners since 2004, has been grappling with $14.5 billion in debt. The company carried out a bond swap in February to extend debt maturities before the OneWeb deal surfaced.”

Two years ago, Airbus Defense and Space has been selected by OneWeb’s founder, Greg Wyler, as its industrial partner for the design and manufacturing of its fleet of microsatellites.Capital Alpha Partners, an insider Washington DC USA provider of strategic policy research to financial institutions, has announced that Airbus Defense and Space (Airbus Group) will manufacture 890 Ku-band Cubesats and be a co-owner of the OneWeb, space venture. Founded in 2007, Capital Alpha was originally part of Prudential Equity Group and closely connected to the U.S. Defense Industry. OneWeb’s founder, Greg Wyler has had similar venture start-up experiences with Terracom Communications, WorldVu Satellites, and O3b Networks Limited. In 2007, Google of Mountain View California invested in Wyler’s Washington DC based O3b Networks.

Wyler had a long working relationship with the U.S. Congress in the past to promote for the need for low-latency, high-speed communications to promote economic and social equality worldwide. Since 2013, the U.S. Defense Department has promoted the concept of private satellite CubeSat constellations as a “redundancy backup” for its spy satellites in case of nuclear attack upon the space-based command and control communication systems. Airbus Defense and Space is part of the French Government’s Airbus Group and a key competitor to America’s Lockheed Martin, Boeing, Northrop Grumman, and SpaceX. The French Airbus Group evolved from (EADS) European Aeronautic Defence and Space Company NV.-a conglomerate established to complete against America within the Global Defense and Space Industry. In January 2014, (EADS) was reorganized as Airbus Group NV. With French Government subsidies, Airbus has captured approximately 40% of all commercial airliner orders. (European sovereign states own 25.9% of the total public shares of the Airbus Group). The European Space Agency (ESA) is served by Airbus Defense and Space. Arianespace is a business unit within the Airbus Defense and Space Group, thus providing non-bid launch contracts. French subsidized Industrial aviation and space assets are Airbus Group, Astrium and Eurocopter, EADS, Safran, Thales, Liebherr, Zodiac, etc. Greg Wyler has a history of not staying long to grow his ventures. For example, he left before witnessing O3b becoming a powerhouse under SES ownership and management. SES is the European Union’s leading telecommunications satellite operator and operates a fleet of more than 50 geostationary satellites able to reach 99% of the World’s population. On July 10, 2014, O3b Ka-band satellites were successfully launched on the French Arianespace launcher. O3b now has eight satellites in orbit, completing their initial constellation and global full services. SES was an early investor with the British bank HSBC.It is alleged that HSBC profited from doing business with (Mexican drug cartels), tax evaders, etc. In 2015, O3b participated in the US 7^th Fleet Trident Warrior 2015 exercise.

Trident exercise technologies are organized into 10 specific focus areas which include: networks, coalition, information operations, command and control operations, intelligence, surveillance and reconnaissance (ISR), electronic warfare, distance support, information assurance/cross domain solutions, information transport and maritime domain awareness.The US Navyactively tested O3b with the Navy at SPAWAR’s SSC PACIFIC Common Optical Distribution Architecture (CODA) lab.For the Trident Warrior exercises, O3b 1.2m maritime tracking antennas were placed on the USS Fort Worth Littoral Combat Ship (LCS-3), which achieved connectivity speeds of approximately 600Mbps (200Mbps uplink, 400Mbps downlink). Airbus stated that it was starting a venture capital arm with an aim to maintain a “technological edge”. With the connection to the U.S. Department of Defenses, French government support, and the Google brand, OneWeb, could very well be another tool to monitor the activities of mobile users in the rural areas of the globe. So far, the French initial funding is only $150 million dollars, which in Silicon Valley is like throwing a pebble in the Pacific Ocean and expecting a great wave. (contributors: Robert Wall, Andy Pasztor, Soma Biswas, & earlier by Richard Kusiolek)

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