A standoff with its bondholders is endangering Intelsat's (I -5.1%) plan to merge with OneWeb, with Intelsat again extending the expiration date of its exchange offers and OneWeb owner SoftBank (SFTBY +1.1%) looking closer to balking.
The latest extension goes to 5 p.m. ET on Thursday.
Several series are offered for exchange, but none have gotten more than 0.82% of outstanding principal tendered in the offer, which amounts to about $0.74 on the dollar.
Intelsat has more than $14B in debt, and its stock price has given up the gains it saw after the merger plan was announced.
SoftBank hasn't raised its offer as bondholders have hoped, and may decide within hours to get out of the deal.