Australia NewSat's satellite launch in jeopardy as lender pulls support

April 8, 2015 6:16 AM

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SYDNEY, April 8 (Reuters) - Embattled Australian satellite firm NewSat said on Wednesday a major lender for its upcoming $650 million satellite launch had withdrawn support for the project, forcing it to look for alternative funding to prevent the project from collapsing.

Funding for the project to launch Australia's only privately owned commercial satellite was suspended last year after financial irregularities were uncovered and Melbourne-based NewSat needed waivers from its backers to get new loan instalments. But the aerospace firm failed to secure the support of...

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