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
|
|
Saturday, January 17
ESA’s Celeste LEO-PNT Still to Launch
Inside GNSS — 5:51 am ET (1051 GMT) Elon Musk Calls for Airline CEO to Be Fired Over Starlink Dispute
PC Magazine — 5:48 am ET (1048 GMT) ‘He’s an idiot’: Musk and Ryanair’s O’Leary trade insults in Starlink Wi-Fi row
POLITICO — 5:47 am ET (1047 GMT) ‘He’s an idiot’: Musk and Ryanair boss trade insults in Starlink row
City A.M. — 5:46 am ET (1046 GMT) Blue Origin Announces Crew for New Shepard Mission NS-38, Slated for January 22
Blue Origin — 5:42 am ET (1042 GMT) |
