September 25, 2018 / 7:33 AM / 24 days ago

Israel's Spacecom says deal to buy satellite from SSL canceled

JERUSALEM (Reuters) - Israel’s Space Communications said on Tuesday a deal it signed with Space Systems/Loral (SSL) to build its Amos-8 advanced communications satellite has been canceled.

Spacecom had signed a $112 million deal in March with SSL, a unit of Maxar Technologies, to build Amos-8. But the Israeli company said its deadline to pay a deposit had passed, nullifying the agreement.

The satellite, designed to provide service for at least 15 years, had been slated to be launched by Elon Musk’s SpaceX in the second half of 2020. The launch arrangement with SpaceX was also canceled, Spacecom said in a statement.

Spacecom said it was examining other options, including a partnership with the Israeli government, to advance plans for Amos-8.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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