SCHEDULE 13G/A 0000908834-24-000259 0001304096 XXXXXXXX LIVE 1 Class A common and Class B variable voting shares, no par value per share (the "Shares") 12/31/2024 0001845840 Telesat Corp 879512309 160 Elgin Street, Suite 2100 Ottawa A6 K2P 2P7 Rule 13d-1(c) Greywolf Opportunities Master Fund II LP b E9 0 860551 0 860551 860551 N 6.2 PN Greywolf Advisors LLC b DE 0 860551 0 860551 860551 N 6.2 OO Greywolf Capital Management LP b DE 0 860551 0 860551 860551 N 6.2 IA PN Greywolf GP LLC b DE 0 860551 0 860551 860551 N 6.2 OO Jonathan Savitz b X1 0 860551 0 860551 860551 N 6.2 IN HC Telesat Corp 160 Elgin Street, Suite 2100, Ottawa, Ontario, Canada, K2P 2P7 This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons". (i) Greywolf Opportunities Master Fund II LP, a Cayman Islands exempted limited partnership ("Greywolf Master Fund II"), with respect to the Shares held by it and the Shares it has the right to acquire upon the exercise of Options (as defined in Item 4); (ii) Greywolf Advisors LLC, a Delaware limited liability company and the general partner of Greywolf Master Fund II (the "General Partner"), with respect to the Shares held by Greywolf Master Fund II and the Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options; (iii) Greywolf Capital Management LP, a Delaware limited partnership and the investment manager of Greywolf Master Fund II (the "Investment Manager"), with respect to the Shares held by Greywolf Master Fund II and the Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options; (iv) Greywolf GP LLC, a Delaware limited liability company and the general partner of the Investment Manager (the "Investment Manager General Partner"), with respect to the Shares held by Greywolf Master Fund II and the Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options; and (v) Jonathan Savitz ("Savitz"), a United States citizen and the senior managing member of the General Partner and the sole managing member of the Investment Manager General Partner, with respect to the Shares held by Greywolf Master Fund II and the Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options. The address of the principal business office of: (i) each of the Reporting Persons other than Greywolf Master Fund II is 4 Manhattanville Road, Suite 201, Purchase, New York 10577; and (ii) Greywolf Master Fund II is Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands. The citizenship of each of the Reporting Persons is set forth on the cover page for such Reporting Person. Y The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. As of the date of the event which requires the filing of this statement, Greywolf Master Fund II holds an aggregate of (i) 805,751 Shares and (ii) exchange-traded call options exercisable within 60 days for a total of 54,800 Shares ("Options"). Accordingly, the Reporting Persons may be deemed to beneficially own an aggregate of 860,551 Shares, representing 6.2% of the class of Shares outstanding, as calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended. The Shares and the Options reported hereby as held by Greywolf Master Fund II are held directly by Greywolf Master Fund II. The General Partner, as the general partner of Greywolf Master Fund II, may be deemed to be a beneficial owner of all such Shares held by Greywolf Master Fund II and all such Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options. The Investment Manager, as the investment manager of Greywolf Master Fund II, may be deemed to be a beneficial owner of all such Shares held by Greywolf Master Fund II and all such Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options. The Investment Manager General Partner, as the general partner of the Investment Manager, may be deemed to be a beneficial owner of all such Shares held by Greywolf Master Fund II and all such Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options. Savitz, as the senior managing member of the General Partner and as the sole managing member of the Investment Manager General Partner, may be deemed to be a beneficial owner of all such Shares held by Greywolf Master Fund II and all such Shares that Greywolf Master Fund II has the right to acquire upon the exercise of Options. Each of the General Partner, the Investment Manager, the Investment Manager General Partner and Savitz hereby disclaims any beneficial ownership of any such Shares. The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. Y Y Y N The Reporting Persons are filing this Schedule 13G pursuant to Section 240.13d-1(c). The Reporting Persons neither disclaim nor affirm the existence of a group among them. Each Reporting Person is a beneficial owner only of the securities reported by it on its cover page. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 1. Joint Acquisition Statement Pursuant to Section 240.13d-1(k) (previously filed) Greywolf Opportunities Master Fund II LP /s/ Jonathan Savitz 02/12/2025 Greywolf Advisors LLC /s/ Jonathan Savitz 02/12/2025 Greywolf Capital Management LP /s/ Jonathan Savitz 02/12/2025 Greywolf GP LLC /s/ Jonathan Savitz 02/12/2025 Jonathan Savitz /s/ Jonathan Savitz 02/12/2025