Australia’s homegrown satellite company NewSat has finally crashed to earth and disintegrated with a bankruptcy judge in the U.S. severing its contract with Lockheed Martin who is building its Jabiru-1 satellite.
Australia’s only would-be commercial satellite operator has hit the wall and been placed into administration after it was revealed that French Government-owned creditor COFACE has withdrawn a major portion of the funding for the US$650 million project to put the Jabiru-1 satellite into space.
Troubled satellite company NewSat has released a long statement to the ASX that essentially says it is trying to raise more money and everything is on hold for now.
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