Steve Mehs
01-24-03, 04:31 AM
Liberty Satellite said it reached an agreement with Astrolink partners - Lockheed Martin, Northrop Grumman and Telespazio - that will allow it to acquire substantially all of the assets of the Ka-Band licensee.
Astrolink was formed in 1999 to operate a global Ka-Band system that will deliver next-generation satellite broadband services. Liberty Satellite previously held 31.5 percent of Astrolink, with the remainder owned directly or indirectly by the other three companies.
The Astrolink agreement follows Liberty Satellite's announcement in December that it would increase its investment in another Ka-Band licensee, WildBlue Communications.
Astrolink said it signed agreements with Lockheed Martin and Northrop Grumman for completion of two satellites. The parties also reached an agreement on the settlement of claims related to the previous termination of Astrolink's major procurement contracts and all other major third party creditor claims, the company said.
Liberty Satellite's acquisition of the Astrolink business is subject to regulatory approvals and other closing conditions, including Liberty obtaining funding from additional investors, third party sources of financing, or firm capacity commitments from prospective customers. Closing is expected to occur around October.
From SkyReport (http://www.skyreport.com/skyreport/jan2003/012403.shtm#one) (Used with Permission)
Astrolink was formed in 1999 to operate a global Ka-Band system that will deliver next-generation satellite broadband services. Liberty Satellite previously held 31.5 percent of Astrolink, with the remainder owned directly or indirectly by the other three companies.
The Astrolink agreement follows Liberty Satellite's announcement in December that it would increase its investment in another Ka-Band licensee, WildBlue Communications.
Astrolink said it signed agreements with Lockheed Martin and Northrop Grumman for completion of two satellites. The parties also reached an agreement on the settlement of claims related to the previous termination of Astrolink's major procurement contracts and all other major third party creditor claims, the company said.
Liberty Satellite's acquisition of the Astrolink business is subject to regulatory approvals and other closing conditions, including Liberty obtaining funding from additional investors, third party sources of financing, or firm capacity commitments from prospective customers. Closing is expected to occur around October.
From SkyReport (http://www.skyreport.com/skyreport/jan2003/012403.shtm#one) (Used with Permission)