the banks will want to eventually sell off its mgmt rights back...

the banks will want to eventually sell off its mgmt rights back to its satellites, but in administration these rights are null and void and become worthless.

These rights are worth quite a lot. I would suggest at a guess $1-200M at least, maybe more if the state of teh satellites improves if the market recovers over time. This will be the balancing number in negotiations with bondholders.