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ARTICLE · 11 MAY 2015

Space Business Review - April 2015

Milbank
Milbank
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Milbank

Milbank

Milbank has been in London for over 40 years, assisting clients with their most complex,...

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A monthly round-up of space industry developments for the information of our clients and friends.

United StatesTransport
Dara Panahy
Dara Panahy
Bijan Ganji
Bijan Ganji
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NEWSAT LTD. PLACED IN ADMINISTRATION

On April 17, NewSat Ltd. (NewSat) and various affiliates, including Jabiru Satellite Holdings Pty Ltd., were placed in administration in Australia by the trustee for its lenders, Citicorp International, and related petitions were filed in the U.S. Bankruptcy Court for the District of Delaware seeking Chapter 15 bankruptcy protection in the United States while the courtsupervised restructuring proceeds in Australia. NewSat was previously negotiating with its lenders, including the Export-Import Bank of the United States and Compagnie Française d'Assurance pour le Commerce Extérieur, to resume draws under a loan facility for its Jabiru-1 satellite project, being manufactured by Lockheed Martin Space Systems Co. and to be launched by Arianespace S.A.

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