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
|
|
SpaceX sets Nov. 18 launch date for sixth Starship test flight
Posted: Sat, Nov 9 9:57 AM ET (1457 GMT) |
|
news links
|
|
Saturday, November 23
DirecTV Abandons Deal to Acquire Dish Amid Bondholder Opposition
Hollywood Reporter — 2:16 am ET (0716 GMT) DirecTV Ditches Dish Deal
Variety — 2:16 am ET (0716 GMT) DirecTV calling off Dish Network takeover after bondholders balk
Los Angeles Times — 2:15 am ET (0715 GMT) DirecTV terminates Dish deal over failed debt swap
Reuters — 2:14 am ET (0714 GMT) DirecTV announces termination of deal to buy Dish satellite business
Ars Technica — 2:13 am ET (0713 GMT) |
