Spacecom and Chinese still in talks over sale
November 4, 2016
By Chris Forrester
Israel’s Spacecom satellite operator is still in discussion with China-based Xinwei over the prospects of the Chinese buying Spacecom.
Spacecom operates the Amos fleet of satellites, and the sale was stymied by the loss on September 1st of Amos-6 in an explosion while the satellite was in position at the top of a Falcon-9 rocket built by SpaceX.
Spacecom on November 3rd received $196 million in compensation for the loss of Amos-6 from the Israel Aerospace Industries Ltd, which built the satellite. However, there remains a $10 million payment for “liquidated damages” that’s outstanding. Spacecom says this sum, plus a claim for interest on the overall insurance now paid, is still subject to negotiation.
As to the discussions with Beijing Xinwei Technology Group, the deadline for negotiations on its sale (for $285 million) has been extended to November 15th.