Financial Times - January 18, 2022

The outgoing chief executive of Intelsat, one of the world’s largest fixed satellite operators, will earn a minimum $4m cash and share payout when he retires after the company emerges from Chapter 11 bankruptcy protection later this year. The “golden goodbye” for Stephen Spengler follows a $10m payout in 2020, the year in which the group sought the court’s protection from creditors to restructure its $16bn debt burden.