Loral Space

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by Ifi Reporter Category:Hitech Sep 27, 2018

Loral Space & Communications  a leading space and communications company will not build the Amos 8 satellite. The Company updated that on Tuesday the deadline for payment of the advance was due, and that Caval had decided not to extend the date of payment, so that the agreement would not take effect and would be canceled. As a result, the launch agreement with SpaceX was also canceled.

 Spacecom is entitled to reimbursement of the amounts already paid to Ilan Musk's satellite company, with the exception of a certain amount that will remain in the hands of SpaceX.
The announcement by the communications company to the Tel Aviv Stock Exchange of the cancellation of its agreements with the US satellite maker Loreal and the satellite operator SpaceX's billionaire Elon Masak is a significant step, though expected, towards the production of its future communications satellite, Amos 8.
The space announcement aligns with the decision of the Political-Security Cabinet from the beginning of the month, according to which the state will be a partner in the future communications satellite program.
The IAI's threats and pressures on the government helped the government pressure the space, emphasizing the message that it would produce a blue-and-white satellite without any connection to the decision of Space: Although this is a communications satellite, the state is a major customer of Space, The heads of the communications space must go back and rethink the subject. Thus, in recent months, Ceal has been forced to freeze its bond raising to finance its expected deal with Loreal, and before the first advance payment is made, the deal will be put into effect today.
During the past few weeks, it has been apparent that Space is abandoning the idea of connecting with Loreal, even though the latter recently promised it a communications satellite at a price of $ 112 million, significantly lower than IAI's estimated $ 200 million.
"The company is working to optimize the Amos 8 satellite program and examines the feasibility and feasibility of a number of alternatives, including the possibility of cooperation with the government of Israel," according to the announcement.

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