British satellite operator Avanti has no plans to relist on public markets anytime soon, focusing instead on streamlining costs while finding customers for its underutilized fleet of three satellites and two payloads.
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Isotropic Systems has completed two-way communications tests of its electronically steered antenna using Avanti’s Hylas-4 satellite.
Selling capacity to other satellite operators is now one of Avanti’s main priorities, followed by selling to the U.S. Defense Department, Avanti CEO Kyle Whitehill said in a June 10 financial report.
Avanti, in a May 28 filing with the London Stock Exchange, said the credit facility is for a two-year period through which it can take loans with an annual interest rate of 12.5 percent. The company said it plans to use the loans to fund capital expenditures and meet working capital needs.
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Avanti has been awarded $20 million in a dispute with Indonesia's government over missed payments on a borrowed communications satellite, the British satellite operator announced June 7.
In the months preceding the launch of Avanti’s Hylas-4 satellite, the British operators didn’t mince words when it described the importance of a successful mission as “critical.”
Arianespace on April 5 launched two satellites for telecom operators that for separate reasons were both more than a year behind their original launch schedules.
Avanti says the evolution of high-throughput satellites is outpacing the company’s satellite fleet, making it difficult to secure business with the Hylas 1 and Hylas 2 broadband satellites.
Satellite fleet operator Avanti Communications, which is seeking a buyer or strategic investor to avoid a loan default, has won fresh support from its long-time supporter, the European Space Agency, in the form of a $12-million investment to provide broadband in Africa, ESA and Avanti said.
Satellite fleet operator Avanti Communications Group on July 7 revised downward its expected revenue for the coming 12 months and said a loan expected from an unnamed export-credit agency would require the company to raise $50 million in new equity.
Satellite fleet operator Avanti Communications Group on May 16 promised investors an exceptional feat of revenue growth in the next few months as it seeks to meet its target for the fiscal year ending June 30.