SpaceX owes Israeli company $50 million or free flight

“This is the second blow, ahead of the Chinese deal”, he said, recalling the blackout of the Amos-5 satellite, which like Amos-6 was owned and operated by Spacecom.

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Spacecom’s AMOS-6 satellite had been leased by companies like Facebook and Eutelsat Communications, for using the satellite’s broadband services for reaching broadband Internet access to rural sub-Saharan Africa.

The construction, launch preparation and operation of the AMOS-6 satellite, which would have been used to “significantly expand the variety of communications services provided by Spacecom”, reportedly cost the company more than $195 million. A SpaceX representative declined to comment, noting: “We don’t disclose contract or insurance terms”.

News of the disaster occurred late in the trading day on the Tel Aviv Stock Exchange, leaving Spacecom’s shares down only 9% for the day.

Israel’s Aerospace Industries will compensate a communications firm whose satellite was destroyed in a fiery rocket explosion last week, IAI said Sunday.

“Obviously, we are disappointed about this incident in the launch vehicle and are ready and willing to assist SpaceCom in any manner”, it said. SpaceCom’s business is robust, with approximately 70 missions on our manifest worth over $10 billion. Trading was suspended on Sunday morning and when it resumed the shares fell another 32.5% by close to 26.40 shekels.

In a conference call with reporters, Spacecom’s general counsel Gil Lotan said it was too early to say if the company’s planned merger with Beijing Xinwei Technology Group (600485.SS) would proceed.

Additional insurers are expected to pay SpaceCom an additional $39 million, the company said in a statement Saturday night.

The cause of the accident continues to be under investigation.

An explosion that destroyed a SpaceX rocket carrying an Israeli satellite last week is being felt well beyond Cape Canaveral, Florida.

SpaceX said on Friday that it would shift flights to a second launch site in Florida, which is nearing completion and which was last used to launch NASA’s space shuttles.

“Our number one priority is to safely and reliably return to flight for our customers, as well as to take all the necessary steps to ensure the highest possible levels of safety for future crewed missions”, SpaceX said in a statement. In June 2015, a Falcon 9 rocket exploded about two minutes after liftoff from Florida, destroying a load of cargo headed to the International Space Station.