Intelsat Goes Bankrupt
Intelsat (NYSE: I) warned Congress it might go bankrupt, and now it has.
Satellite communications company Intelsat, the stock of which rocketed to nearly $35 a share on hopes it would reap tens of billions of dollars in "spectrum" cash in late 2018, currently trades for less than $0.50 a share after the company announced Wednesday evening that it has filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of Virginia.
Image source: Getty Images.
Source Fool.com
