Members of an ad hoc group of Telesat creditors are organizing under a cooperation agreement as the satellite company adjusted the ownership of its Lightspeed unit, said two sources familiar with the matter.

On Friday, Telesat said it had finished moving 62% of the equity in its low-earth orbit (LEO) satellite business Lightspeed to an indirect subsidiary of the parent of Telesat Canada, the entity that issues most of the company’s debt.