The nails continue to be hammered into NewSat’s coffin. Another asset, its launch spot with Arianespace, is gone.

Hong Kong based satellite telecommunications provider SpeedCast is acquiring European maritime communications service provider SAIT Communications.

Australia’s troubled satellite company NewSat has completed its last orbit, finally crashing back to earth with the sale by receivers of its teleport and satellite services business assets to satellite service provider SpeedCast.

Adrian Ballantine’s dream – lately a nightmare – is over. The flamboyant entrepreneur has been shown the door at NewSat, the company he founded.

Just a few days ago NewSat’s future as Australia’s only satellite company seemed over after a bankruptcy court in the U.S. severed its contract with Lockheed Martin for the building of its Jabiru-1 communications satellite.

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hit the wall and been placed into administration after it was revealed that French Government-owned creditor COFACE has withdrawn a major portion of the funding for the US$650 million project to put the Jabiru-1 satellite into space.

Australian satellite company NewSat has issued an update to the ASX on its Jabiru-1 project financing and construction arrangements. The news is not good.

The sighs of relief from French Guiana were audible in Australia as two satellites were successfully launched Friday morning (AEST).

In the wake of a plummeting share price, NewSat has released a detailed statement outlining its position. It needs another $37.2 million to get Jabiru-1 off the ground.

Listed Australian satellite operator NewSat has lost nearly half its market capitalisation in less than a week, as investors unload on its shares.