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
|
|
FAA restricts hours for commercial launches during shutdown
Posted: Sun, Nov 9 9:05 AM ET (1405 GMT) China postpones Shenzhou-20 return on orbital debris concerns
Posted: Sun, Nov 9 8:58 AM ET (1358 GMT) |
|
news links
|
|
Tuesday, November 11
Kazakh farmers put Starlink on horses and dogs to herd livestock
Intellinews — 5:07 am ET (1007 GMT) Rocket Lab Shares Surge With Bigger Launch Planned for 2026
Wall Street Journal — 5:05 am ET (1005 GMT) FAA Order Restricting Launch Hours Could Affect Upcoming SpaceX Missions from Vandenberg
Santa Barbara (CA) Edhat — 5:00 am ET (1000 GMT) SpaceX successfully launches Falcon 9 rocket from Florida's Space Coast
WESH-TV Orlando — 5:00 am ET (1000 GMT) Airbus ships fourth European Service Module for Artemis IV
Airbus Group — 4:59 am ET (0959 GMT) |
