Spacecom Satellite Communications Ltd. (TASE:SCC) has officially notified the Tel Aviv Stock Exchange that their Amos 8 satellite, originally contracted to be built by Maxar's SSL, is to be canceled.
The company added that September 25 was the last day for issuing an advance payment for Amos 8 and that the agreement will not be extended, effectively canceling the work. The original $112 million contract was signed in March with SSL.
This month, the government of Israel moved to award the new satellite agreement to Israel Aerospace Industries (IAI) in order to preserve the nation's satellite construction technology.
The satellite manufacturing award cancellation also means that the Amos-8 launch that was supposed to have been handled by SpaceX is also rescinded and Spacecom could expect some repayment of the funds they have already issued to the launch company.
