Mobile Satellite Ventures said it reached an agreement with Boeing Satellite Systems to defer an additional $40 million in payments on the construction of the MSV-2 satellite.
The $40 million deferral is in addition to an original construction payment deferral of $76 million. Deferred payments are now due in December 2010, or 10 days before shipment of the second MSV satellite, whichever is earlier, the company said.
Even with the deferrals, the satellite construction program is proceeding as planned and is consistent with previously announced launch windows, which are the fourth quarter 2009 for MSV-1 and third quarter 2010 for MSV-2, the company said.
Alexander Good, MSV's CEO, president and vice chairman, said the Boeing agreement "comes at an important stage in the development of MSV's hybrid satellite-terrestrial network, providing us increased flexibility in our long-term financing plans."
MSV is building a hybrid satellite-terrestrial communications network that will provide wireless coverage in the United States and Canada to conventional handsets.
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The $40 million deferral is in addition to an original construction payment deferral of $76 million. Deferred payments are now due in December 2010, or 10 days before shipment of the second MSV satellite, whichever is earlier, the company said.
Even with the deferrals, the satellite construction program is proceeding as planned and is consistent with previously announced launch windows, which are the fourth quarter 2009 for MSV-1 and third quarter 2010 for MSV-2, the company said.
Alexander Good, MSV's CEO, president and vice chairman, said the Boeing agreement "comes at an important stage in the development of MSV's hybrid satellite-terrestrial network, providing us increased flexibility in our long-term financing plans."
MSV is building a hybrid satellite-terrestrial communications network that will provide wireless coverage in the United States and Canada to conventional handsets.
SAW II