Intelsat Loses Second Satellite in Two Months
Tuesday, January 18, 2005
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NEW YORK — Satellite operator Intelsat Ltd. (search) has lost a satellite following an unexpected electrical power problem less than two months after electrical problems ruined another satellite.
The world's No. 2 communications satellite operator, which is in the midst of being acquired by private equity investors for $3.1 billion, said late Sunday it expects to record a non-cash impairment charge of about $73 million to write off the value of the IS-804 satellite (search).
The satellite was not insured since the company insures only those with a book value of more than $150 million.
Intelsat said it believed there is no connection between the latest event and the loss of its IA-7 satellite (search) in late November, since the two satellites were made by two different companies and had different designs.
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