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Spacecom To Receive Full Payment of US$196 Million from Israel Aerospace Industries for AMOS-6

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3 November 2016 – Tel Aviv: Spacecom today announced that it has been informed by Israel Aerospace Industries (IAI) that IAI’s insurers will pay a sum of $196M, the full amount that was paid to IAI for the construction and delivery of the AMOS-6 satellite. The sum will be paid directly into Spacecom’s bank account during the month of November, 2016. Alongside this notice, IAI requested that Spacecom shall agree to delay this payment from the beginning of November, as required under the contract between them, until 24 November 2016. Spacecom acceded to this request.

Following receipt by Spacecom of the $196M payment, the company and IAI will discuss the interest to be paid, as well.

The sum of $196M does not include a liquidated damages amount of $10M, Spacecom is owed by IAI for construction delays of the AMOS-6 satellite, in accordance with the agreement between the companies. Spacecom reiterated to IAI that it also demands to receive the full amount of liquidated damages.

As a reminder, AMOS-6 was lost  while SpaceX’s Falcon 9 rocket suddenly exploded on the launch pad at 09:07 U.S. EST on Thursday, September 1, 2016. Amos-6 was to replace Amos-2 satellite and to provide internet access to Africa within the joint project of Spacecom, Eutelsat and Facebook.

About Spacecom:

Spacecom (Space-Communication Ltd.), operator of the AMOS-2 and AMOS-3 satellites co-located at 4°W, and AMOS-4 at 65°E, provides high-quality broadcast and communication services to Europe, the Middle East, Africa, and Asia via direct-to-home (DTH) and direct broadcast satellite (DBS) operators, Internet service providers (ISPs), telecom operators, network integrators and government agencies.

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