Spacecom to receive full payment for AMOS-6
November 3, 2016
Spacecom has been informed by Israel Aerospace Industries (IAI) that IAI’s insurers will pay a sum of $196 million (€176.5m), the full amount that was paid to IAI for the construction and delivery of the AMOS-6 satellite that was destroyed on September 1 in an explosion at the Kennedy Space Center. The sum will be paid directly into Spacecom’s bank account during the month of November, 2016.
Following receipt by Spacecom of the $196 million payment, the company and IAI will discuss the interest to be paid, as well.
The sum of $196 million does not include a liquidated damages amount of $10 million Spacecom is owed by IAI for construction delays of the AMOS-6 satellite, in accordance with the agreement between the companies. Spacecom reiterated to IAI that it also demands receipt of the full amount of liquidated damages.