Spacecom wins $10m bonus arbitration
November 6, 2018
By Chris Forrester
Israel-based satellite operator Spacecom says it has been awarded a $10 million (€8.76m) payment from Israel Aerospace Industries (IAI) because of the late delivery of the troubled AMOS-6 satellite.
AMOS-6 was subsequently lost in a catastrophic ground explosion in September 2016 while aboard a SpaceX Falcon 9 rocket.
Spacecom, in a note to the Tel Aviv stock exchange, said the payment was made as a result of arbitration proceedings and because of IAI’s extremely protracted production date which meant AMOS-6 was a year late in being delivered.
IAI is now the contractor for the lost satellite’s replacement, AMOS-8. Spacecom is using a rented satellite (AsiaSat-8) from AsiaSat on a 4-year lease costing $22 million a year.