Avanti “refinancing” $242m
Sale plan is scrubbed, but backlog is evaporating
Struggling specialist satellite operator Avanti Communications says it has cancelled its proposed sale and instead will proceed with a refinancing exercise. Avanti started a review of its business in July when it said it had started discussions with “a number” of potential investors/buyers.
Avanti held its AGM on Dec 29th, and a number of proposals accepted by shareholders. The company’s Annual Report was issued after the pre-Christmas market closed for the holiday.
Avanti said Dec 21 that three strategic investors had been interested in the company and 2 private-equity players and this resulted in one “indicative offer” which could not be actioned because the offer did not reflect the true value of Avanti. Cynics and critics of the company were quick to respond on Social Media that this meant “nobody was interested in buying the businesses”.
SpaceX readies for launch
Elon Musk-owned rocket business SpaceX has identified the cause of a catastrophic $285m Sept 1st explosion and is getting ready to re-start launches. A statement, posted on the SpaceX website, said the explosion was caused by the failure of one of three helium tanks, known as composite overwrapped pressure vessels or COPVs, inside the liquid oxygen tank in the rocket’s second stage. The loose liquid oxygen triggered a massive fuel explosion which destroyed an Israel-owned satellite, AMOS-6.