The Globe and Mail reports in its Thursday edition that Telesat's creditors are accusing the Ottawa satellite operator of illegally moving the value of its "crown-jewel asset" -- its low-Earth-orbit satellite business -- out of their reach ahead of looming debt-repayment deadlines. The Globe's Alexandra Posadzki writes that Telesat has $1.7-billion of debt maturing in December, with nearly $450-million more coming due in 2027, according to a lawsuit filed Wednesday by a group of the company's creditors in the Supreme Court of the State of New York (all figures U.S.). The Wilmington Savings Fund Society filed the lawsuit on behalf of creditors holding 90 per cent of the $1.7-billion of debt. The group also filed a similar, separate lawsuit in Ontario Superior Court on Wednesday. The Canadian lawsuit also names individual company directors as defendants. The creditors allege in the U.S. suit that Telesat Canada transferred 62 per cent of the equity of its low-Earth-orbit, or LEO, business to another Telesat subsidiary last September to move it away from creditors. Telesat chief executive officer Dan Goldberg said the company was within its rights to make the transfer. Telesat shares dropped $10.60 to $38 on high volume.