Avanti Communications, the London-based speciality satellite operator, will see its much-delayed Hylas-4 satellite launch on April 5th.
Arianespace will do the heavy lifting on launch day from its French Guiana spaceport. Ariane’s Flight 242 will also carry a Japanese satellite (Superbird 8) to orbit.
Avanti needs the satellite in orbit in order to start earning revenues. It is not likely to enter full service much before July and this means further pressure on Avanti’s fast-shrinking cash reserves. Moody’s Investor Services has already withdrawn all ratings on Avanti, as has Standard & Poor’s.
Avanti, in a recent statement, said the late launch will not materially impact its in-service date.
Avanti also confirmed that its proposed debt-for-equity restructuring has been approved by 98.3 per cent of its debt-holders (by value).
The scheme will now go before the London High Court for a formal sanctioning and approval on March 26th.
A press statement from Avanti on March 20th said: “Implementation of the debt for equity swap pursuant to the Scheme remains conditional upon, amongst other things, shareholder approval of the issue of the debt for equity shares at a general meeting of the Company (the “General Meeting”) expected to be held during April 2018. A circular containing, amongst other things, the notice of General Meeting will be published in due course.”