Australia's NewSat enters administration, furthering launch doubts

April 17, 2015 6:51 AM

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SYDNEY, April 17 (Reuters) - Embattled Australian satellite firm NewSat was placed in administration on Friday, just weeks after a major lender withdrew support for a planned $650-million satellite launch, throwing its viability into doubt.

Funding for the launch of 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.

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