Boeing, New Skies restructure satellite deal
Posted: Wed, Feb 2, 2005, 7:39 AM ET (1239 GMT)
Boeing Satellite Systems (BSS) and New Skies Satellites (NSS) have restructured a contract for a communications satellite that will allow NSS to recoup most of the money paid for the satellite to date in exchange for a series of installment payments. Under the agreement, reported Tuesday by Space News and revealed in SEC documents filed last week, BSS will refund the $168 million NSS had paid for the NSS-8 satellite to date, with $30 million of that to be held in an escrow account. In exchange, NSS will pay $16.7 million a year for 15 years after the satellite is launched, assuming the launch is successful and the satellite operates as desired. NSS will use the refunded payments for debt service and a dividend in advance of a public offering of stock. NSS had threatened to cancel the NSS-8 contract because of production delays and demand a complete refund. NSS-8 is currently scheduled for launch in early 2006 by Sea Launch; it will serve the Indian Ocean region.
Boeing Satellite Systems (BSS) and New Skies Satellites (NSS) have restructured a contract for a communications satellite that will allow NSS to recoup most of the money paid for the satellite to date in exchange for a series of installment payments. Under the agreement, reported Tuesday by Space News and revealed in SEC documents filed last week, BSS will refund the $168 million NSS had paid for the NSS-8 satellite to date, with $30 million of that to be held in an escrow account. In exchange, NSS will pay $16.7 million a year for 15 years after the satellite is launched, assuming the launch is successful and the satellite operates as desired. NSS will use the refunded payments for debt service and a dividend in advance of a public offering of stock. NSS had threatened to cancel the NSS-8 contract because of production delays and demand a complete refund. NSS-8 is currently scheduled for launch in early 2006 by Sea Launch; it will serve the Indian Ocean region.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Tuesday, August 11
Russia rolling out Starlink-style network faster than expected, Kyiv says
Reuters — 5:00 am ET (0900 GMT) Musk: Starlink To Grow Beyond 100,000 Satellites With Higher Throughput
Aviation Week — 5:00 am ET (0900 GMT) U.S. space and missile defense at center stage in Huntsville, Alabama
Washington Times — 4:57 am ET (0857 GMT) Voyager Wins Space Force Tactical Data Link Comms Work
Aviation Week — 4:55 am ET (0855 GMT) Kepler Selects Rocket Lab's Neutron for First Dedicated Launch as Network Expansion Accelerates
GlobeNewswire — 4:54 am ET (0854 GMT) |
