Australian-listed satellite communications company NewSat is in administration after being hit by financing woes that threaten to derail its AU$611 million Jabiru-1 satellite project.
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NewSat is on the verge of not being able to complete its Jabiru-1 satellite project, as negotiations with lenders continue.
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NewSat has requested for its trading halt to remain in place until it is able to find a solution with lenders in the United States to provide additional capital raising for its Jabiru-1 satellite project.
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Australian satellite company NewSat expects additional funding will be needed to finance the delayed launch of its Jabiru-1 project.
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