BriefFor the Second Time: Spacecom Postpones Deal With U.S. Satellite Manufacturer Loral
Spacecom announced in March it has contracted Loral to build its AMOS-8 satellite. In late May, the company postponed its down-payment by 30 days, after failing to make it within 60 days
AMOS-8 is intended to replace AMOS-7, which has been leased by Spacecom for four years following the destruction of its previous satellite, AMOS-6, in a pre-launch explosion in 2016. AMOS-8 is Spacecom's eight contracted satellite, and only the third to not be manufactured by state-owned Israel Aerospace Industries Ltd. (IAI). In April, lacking the necessary funds to complete the AMOS-8 deal, Spacecom announced a plan to raise $110 million in bond options and collateral bonds. Later that month, Spacecom announced it has received a letter from a government official, informing the company that the state intends to “work towards placing a satellite by IAI” at the geostationary position intended for AMOS-8. Israel owns the position.