Oz’s NewSat goes bust
August 11, 2015
Australia’s NewSat, having struggled financially for some months and most recently been in administration in Australia and Chapter 11 bankruptcy protection in the US, is to be liquidated.
An announcement from the company, via its liquidators to the Australian Securities Exchange on August 10th, said that all of the company’s subsidiary businesses would also be closed.
NewSat was in business to build and operate the Jabiru Satellite. Last month the company sold its teleports in Adelaide and Perth as well as its on-going contracts to Speedcast International.
There are also allegations that NewSat’s CEO Adrian Ballintine may have breached Australia’s business rules by using 3 million shares he owned in order to secure a $400,000 loan during a period when staff could not trade, sell or loan their stock.
The half-completed Jabiru satellite is the subject of other claims upon it by its builders, Lockheed Martin.
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