Spacecom sees $158m insurance payout for Amos 5

Amos 5 launch

Spaceom lost contact withits Amos 5 satellite in November.

Spacecom Satellite Communications Ltd. (TASE:SCC) reports this morning that it expects to receive a full insurance payout for the loss of the Amos 5 satellite. The payment, for what the company describes as the "complete failure that occurred in the satellite", will be $158 million, and will be received in the first quarter of 2016. The company says that this assessment is backed by the conditions of its insurance policy and the report received from the satellite's manufacturer.

Spacecom, controlled by Shaul Elovitch, lost contact with the Amos 5 satellite in November last year, cutting off services to its customers, who were mainly in Africa. The satellite had an orders backlog of $136 million in July 2015. It is recorded in Spacecom's books at a value of $153 million.

Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Amos 5 launch
Amos 5 launch
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