CanadaTelesat owes C$2.4 billion on 6 December.

Missing it defaults the geostationary business that earns nearly all of the company’s revenue.

Telesat’s geostationary unit holds just C$286.7 million in cash against roughly C$3 billion of debt due through October 2027.

Telesat says Lightspeed is fully funded on its own, and denies lenders’ claim that moving it was fraudulent.

Lenders’ 14 October offer of C$1.7 billion equity and a C$1.5 billion loan is unnegotiated, a source says.

How each outlet framed it
Payload leans critical
reads Telesat's December debt as a split between GEO and LEO, with lender rescue offers priced at C$31.50 a share

Sources: Payload