NewSat’s (ASE:NWT) creditors have resolved to wind up the failed Australian satellite operator and liquidate its subsidiaries.
PPB Advisory’s Marcus Ayres and Stephen Parbery have been appointed as liquidators, bringing closure for the group four…
NewSat’s (ASE:NWT) creditors have resolved to wind up the failed Australian satellite operator and liquidate its subsidiaries.
PPB Advisory’s Marcus Ayres and Stephen Parbery have been appointed as liquidators, bringing closure for the group four months after it filed for administration.
Its subsidiaries comprise Jabiru Satellite Limited, NewSat Services Pty Ltd, NewSat Networks Pty Ltd, NewSat Space Resources Pty Ltd, Jabiru Satellite Limited and NSN Holdings Pty Ltd.
NewSat’s aim to become the first independent satellite operator in Australia began to go south last year, when it allegedly breached the terms of its project financing by borrowing a short term loan from a shareholder.
That project financing, backed by US Ex-Im Bank and France’s Coface, was funding the construction of the Jabiru-1 satellite. NewSat filed for administration after the funding was put on hold, and Jabiru-1’s manufacturer Lockheed Martin later took ownership of the partly built satellite after a deal to sell it to Malaysia’s Measat fell apart.
Measat, which owns the Ka-band rights for Jabiru-1’s intended 91.5E orbital slot, also passed on the opportunity to buy its launch agreement with Arianespace.
Administrators were able to sell NewSat’s teleport and services assets to acquisitive Hong Kong-based satcoms firm SpeedCast last month for about US$9m.
NewSat’s residual assets include licences and certain customer contracts relating to Jabiru-1.
