Province has substantial experience working in the technology, media and telecommunications sector. Our professionals have been instrumental in numerous recent high-profile cases, including Intelsat, OneWeb, Global Cloud Exchange and Avaya. In the case of Intelsat, the world’s largest satellite operator, Province advised the Independent Directors of Intelsat Envision Holdings, LLC and assisted them with their fiduciary decision-making during the case.
Corporate Advisory
- Performance Optimization
- Business Plan Assessment
- Solvency Analysis
- Restructuring / Reorganization
- C-Suite / Crisis Management
- Tax Analysis
Acquisitions & Dispositions
- Transaction Diligence and Negotiations
- Valuation Analysis
- Intercompany Transaction Analysis
Litigation Services
- Expert Witness Valuation
- Claims and Exposure Investigation
- Damages and Lost Profits Analysis
- Claims Recovery Maximization
Intelsat is the world’s largest satellite operator, utilizing a fleet of 53 satellites and eight ground stations to deliver broadband and other various network services to governments and enterprises around the globe. Due to a capital-intensive business model and declining topline revenue, Intelsat filed for bankruptcy protection in 2020 to deleverage its operations and increase its free cash flow generation. Province was hired to serve as the Financial Advisor to the Independent Directors of Intelsat Envision Holdings, LLC and to assist them in their fiduciary decision making. Province’s relevant industry experience, tax, C-Suite and restructuring skillsets allowed it to appropriately advise the Independent Directors during the complex case.
Role
Financial Advisor to the Special Committee of Board Managers (Independent Directors)
Date
June 2020 – February 2022
Sector
Telecommunications
Founded in 2012, OneWeb develops low-Earth orbit satellites and associated ground infrastructure with the goal of establishing a communications network to provide internet access across the globe. However, the company fell upon difficult economic times when large capital investments, including the pre-purchase of Russian space cargo launches, drained its liquidity and the onset of the pandemic temporarily halted its search for new financing, forcing the company into bankruptcy in March 2020. Province was hired to serve as financial advisor to the unsecured creditors’ committee, and together with the committee’s investment banker, Province assessed budget and liquidity needs, pushed for alterations to process milestones for certain critical vendor programs and searched for alternative DIP financing outside of the Softbank-funded DIP loan.
Role
Financial Advisor to the Official Committee of Unsecured Creditors
Date
April – November 2020
Sector
Telecommunications
Sizmek Inc. operated an online ad campaign management and distribution platform that provided online advertising services to more than 70 countries, with approximately 1,114 employees worldwide. After the company filed for chapter 11, Province was retained as a financial advisor to the Official Committee of Unsecured Creditors to evaluate the company’s assets and enhance the sale process. Sizmek’s technology assets were eventually sold to two buyers (Amazon and Zeta Global) for more than the anticipated amount. Amazon acquired Sizmek’s data management platform and Zeta Global, a marketing technology company, purchased Sizmek’s advertising platform. As a result of a successful sale, Province was able to ensure continuity of service for customers, job security for employees and go-forward relationships for vendors.
Role
Financial Advisor to the Official Committee of Unsecured Creditors
Date
April 2019 – November 2020
Sector
Technology