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Business briefs: March 19
Posted: Wed, Mar 20, 2002, 10:06 AM ET (1506 GMT)
- XM Satellite Radio assured investors Tuesday that the company is in good financial shape despite a "going concern" warning by its auditor, KPMG. The auditing firm, in a letter filed with the SEC, said that the company needs to raise additional funding to be able to continue operations after this year. XM officials said they have been dependent on raising additional capital since the company's founding and were confident that they can find the investment they need. XM shares lost $2 to close at $13.00 Tuesday.
- A problem during a test of a new solid-propellant motor should not delay the inaugural launch of the Atlas 5, SPACE.com reported Tuesday. During a test firing of the new strap-on booster Friday at an Aerojet facility in Sacramento, California, the motor's thrust dropped 30 seconds into the 90-second test. Aerojet engineers are investigating the problem, but said they don’t consider the test a failure. The inaugural Atlas 5 launch, tentatively scheduled for July 8, will not use any strap-ons, although heavier versions of the Atlas 5 will use up to five.
- Two French companies are expected to finalize deals with an Indian company this week to launch a direct broadcasting satellite, Space News reported Tuesday. Agrani Satellite Services Ltd. plans to sign contracts with Alcatel to purchase a satellite to provide direct broadcasting services for India and Arianespace to launch it. The deal had been held up by the US because the satellite includes American components and restrictions on India levied after a 1998 nuclear test prevented its export. Those restrictions were removed in January.
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