Bermuda-registered satellite company Intelsat Ltd. has been given another six months by the US government to hold an initial public offering of its stock that could raise $1 billion.

The Washington Times reported yesterday that it is the second time Intelsat, which is based in Bermuda and has its operations in the District, has been allowed to delay its stock sale. Intelsat now has until June 30 to hold an initial public offering, and it plans to sell a 20 percent stake in the company.

The company earned approval to delay the stock sale from the Federal Communications Commission, which warned that it is not likely to give Intelsat another extension.

Intelsat was founded in 1964 and was privatised in July, 2001. A federal law that outlines the conditions of Intelsat?s move from a private company to a public one stipulated that it must hold the stock sale by October 31, 2001.