Features

Tracy Lundquist – Intelsat

Balancing an acquisition and restructuring for Intelsat

Tracy Lundquist | Associate General Counsel for Corporate and Securities | Intelsat

While many people steered clear of airplanes in the early days of the COVID-19 pandemic, others looked to them for opportunities.

For instance, executives at Intelsat, one of the world’s largest satellite operators, used the slowdown of the airline industry to acquire Gogo Inc.’s commercial aviation business, one of the largest global providers of in-flight connectivity.

“Our CFO sought out good value opportunities and, because of COVID, opportunities in the mobility sector were of particular interest,” says Tracy Lundquist, Intelsat’s associate general counsel for corporate and securities. “Gogo’s commercial aviation business complemented Intelsat’s existing business well.”

With its U.S. administrative headquarters located in McLean, Virginia, Intelsat develops satellite technology and operates a global fleet of satellite and connectivity infrastructure. Gogo Inc.’s commercial aviation business, which was previously an Intelsat customer, provides passenger-facing Wi-Fi and entertainment options, such as in-flight movies, TV shows and music.

Lundquist says the commercial aviation business has expanded Intelsat’s capabilities by bringing different technical and engineering processes to the company. She says maintaining those systems while integrating the businesses has been an interesting balancing act.

“Intelsat’s acquisition was an exciting challenge, and we continue to integrate the commercial aviation business into our complex corporate structure, tackle novel legal issues and expand our knowledge about an exciting line of service for Intelsat,” she says.

International integration

Intelsat acquired multiple corporate entities—both domestic and foreign—in the Gogo transaction. Lundquist and her team helped to integrate them while ensuring the strengths of Gogo weren’t lost for the acquired employees. Their expertise was needed, especially in understanding what it takes to provide “an exceptional in-flight experience for airline passengers,” she says.

The acquisition also required Lundquist to learn and comply with laws and regulations pertaining to corporate governance, securities, tax, accounting and finance for the commercial aviation entities. For the acquisition and the integration, she and her team worked closely with outside counsel, which they continue to do for compliance matters, especially those in other countries, she says.

Intelsat and its subsidiaries operate all over the world, so Lundquist works with outside counsel who understand the laws and cultures of different areas. She also consults daily with colleagues across multiple departments and in other countries.

“I enjoy working at Intelsat largely due to the international nature of the company and the satellite business as a whole,” she says. “It’s very helpful with brainstorming potential solutions to any problem because you’re exposed to many unique perspectives and cultural influences.”

Restructuring and relearning

Adding to the complexity of the acquisition and integration process, Intelsat filed for Chapter 11 bankruptcy in May 2020. Intelsat was a public company at the time, meaning Lundquist and her team had to secure creditor and shareholder approvals, as well as navigate the laws and regulations of other countries.

This was Lundquist’s first time working on bankruptcy proceedings.

“It forces you to learn the nuanced history of every corporate transaction the company has conducted and the rationale behind those transactions,” she says. “It taught me a lot about the importance of meticulous record keeping and maintaining a robust corporate governance framework, which has given more meaning to tasks that might otherwise seem mundane.”

As the company emerged from bankruptcy in February 2022, it became privately held. This required Lundquist and her team to help institute a new corporate governance framework, along with various financial and intercompany instruments.

Lundquist now spends much of her time on private company securities, tax and debt finance matters. However, part of Intelsat’s bankruptcy emergence plan includes going public again in the next few years, which means keeping the company “IPO ready,” she says.

“As a securities lawyer, it’s very exciting,” she says. “Maintaining a public-readiness stance requires my team to keep up with the latest legal developments for both public and private companies in terms of securities and corporate governance regulations.”

Laying the groundwork

Intelsat was founded as an intergovernmental organization in the ‘60s before later going private. It went public through an initial public offering in 2013.

Lundquist joined the company in 2016, marking her first time working in house. After earning her J.D. from New York University School of Law in 2010, she spent several years working at large law firms on corporate and securities matters.

The Buffalo, New York-native, whose parents were both lawyers, graduated from The George Washington University in 2005 with a bachelor’s degree in international affairs. Two years later, she earned her master’s degree in national security policy studies from GWU. She says her undergraduate and graduate studies equipped her well for her current role with a global company.

Since joining Intelsat, Lundquist, who lives in the Washington, D.C. area, has had a few promotions. She started as senior corporate counsel, became assistant general counsel in 2018 and rose to her current role last year.

“One of the things I love about working at Intelsat is that I have the opportunity to work with people from around the world, ranging from lawyers to rocket scientists, all with diverse and interesting backgrounds,” Lundquist says. “To be successful, it’s important to keep an open mind and strive to learn something new every day.”

View this feature in the Vanguard Summer IV 2022 Edition here.

Published on: August 31, 2022

regions:

categories:

Showcase your feature on your website with a custom “As Featured in Vanguard” badge that links directly to your article!

Copy and paste this script into your page coding (ideally right before the closing tag) where you want to display our review banner.

Testimonials

It was a great honor to be featured in Vanguard Law. Working with every member of the team, from the initial interview with Erin Clark, through production with Victor Martins, writing the article with Taryn Plumb and creating the final content with Dave Gushee, was a true pleasure. Everyone was very professional, enthusiastic and supportive, and their creative approach and positive attitude clearly came through in the final product.
– Kevin C. Rakowski, Senior Vice President, Deputy General Counsel, Compliance with Radian Group Inc.
As promised in advance, my feature in Vanguard has increased my visibility within the profession and prompted more than a few people I have not communicated with recently to reconnect. One of the Italian law firms I have used in the past is now in the process of interviewing me for an article on their website and tweeting out the feature story. Activity and the number of people connecting with me on LinkedIn has soared, which is great. The Vanguard writers and editorial staff were great to work with—highly professional and made the effort to make the experience both fun and rewarding (they were also respectful of the time pressures and demands all lawyers face). I was very pleased with the experience and the final outcome. Needless to say, I have been very pleased. All in all working with Vanguard has been a very positive experience which generated good publicity for both Shawcor and myself. My sincere thanks.
– Tim Hutzul, General Counsel, ShawCor Ltd.
I was honored to be the subject of an article. I enjoy reading Vanguard articles and seeing how other attorneys got to their positions and see their jobs. It's also interesting to see how different law firms partner with the subjects of the articles.
– Henry Marquard, in-house counsel, Stanley Consultants Inc.
The piece highlighting my company, Bob Baker Enterprises, Inc., came out fabulous. Our company is in the new and used car sales and service industry. Everyone was great to work with and extremely professional. They produced a high-quality product and have provided expert assistance and guidance post-production of the article.
– Wade Poulson, General Counsel, Bob Baker Enterprises Inc.

LATEST EDITION

Fall II 2023

READ NOW

GET VANGUARD IN YOUR INBOX.

  • * We’ll never share your email or info with anyone.
  • This field is for validation purposes and should be left unchanged.