SES= Wins ProtoStar= 2 Auction/
December 18,= 2009
SES placed the winning bid in the ProtoStar 2 satellite auction, the company announced Dec. 17=.
SESí Satellite Leasing Business will pay $185 million in cash for the satellite. ProtoStar 2, launched in May, carries 27 Ku-band and 13 S-band transponders and is located at 107.7 degrees East. The spacecraft will be integrated into the global satellite fleet of SES World Skies to provide incremental capacity over= Asia.
By acquiring a healthy satellite in orbit we are fast-tracking future revenue growth and providing our customers with incremental capacity while reinforcing our commitment to the continued development of the Asian DTH market,Ē Rob Bednarek, president and CEO of SES World Skies, said in a statement.
SES// paid the same amount of money it offered in a rejected proposal to the U.S. Bankruptcy Court of Delaware on Dec. 9. Under the terms of that agreement, SES would have offered a floor bid of $185 million in cash for ProtoStar 2 in exchange for a guaranteed $6.3 million in compensation from the bankruptcy court if SES were outbid.
ProtoStar argued that SESís offer would attract higher bids for the satellite, since its floor bid was close to the high-end of ProtoStar 2ís estimated value. ProtoStar also claimed that SES would withdraw its $185 million bid if it were not guaranteed compensation.
In= November, Intelsat won the auction for ProtoStar 1 with a bid of $210 million=.