AssureSat will complete first round of funding by end of March an...
AssureSat will complete first round of funding by end of March and start construction of its first satellite (CD May 5 p5), spokesman said. Company is beginning to implement plans to provide first backup satellite capacity in space for…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
satellite operators, manufacturers, suppliers. AssureSat has borrowed $300 million and is working with investors on equity plan to begin service, which will be alternative to launch insurance, spokesman confirmed. Company estimated startup costs for service at $500- $600 million. Investors include Credit Suisse Group, Space Vest, Swiss Reinsurance. Loral has contract to build 2 geostationary satellites. Design work is complete, spokesman said, and Loral has purchased parts for satellites that must be ordered in advance. Sea Launch will provide launch services. Clients will pay AssureSat premiums to use satellites in case of problems with their own for period of 4-30 months, spokesman said. Company said it has deal with Loral Skynet and plans to announce more contracts in coming months.