IAI eyes takeover of Spacecom

The Edge Long Death Epic in Spacecom (Space Communications, Tase: SCC), which runs amos satellites, has been into a new chapter. This time, is Israel Aerospace Industries (IAI) that seeks to seize the company. Spacecom, headed by Dan Dan Zajik, announced this morning that it had received an approach from IAI and Phoenix with a plan to reschedule its debts, which will reach $ 378 million in three series of bonds at the end of June.

Spacecom has money estimated at $ 210 million, which makes debt settlement necessary. The subscription Phoenix stated that in light of the new proposal, he was withdrawing a previous proposal with the Apix version.

Spacecom was in the debt settlement process for more than two years. So far, the creditors representative has not reached an agreed order to pay the debt in a way that would be able to continue the company’s activity. The new IAI proposal includes a strategic stake in Spacecom that will give it control of the company once the debt settlement is completed. The IAI and Phoenix IPON says that the plan “will contribute greatly to the company and creditors for sure that it will provide to complete the settlement.”

IAI notes that it has relevant experience. In 2012, Spacecom bought a satellite from it (Amos 6) for $ 200 million. In 2016, I bought a Boeing satellite (amos 17). The friction arose between the two companies when Spacecom approached in 2018 from another foreign company to build a satellite, which has caused criticism from IAI.

The presentation of the current debt settlement, which will turn IAI to the dominant shareholder in Spacecom, will bring things a complete circle in this regard. It will also make obtaining the regulatory approvals necessary for the independence of Spacecom, which has proven an obstacle in the past few years, which is relatively easy. The state -owned IAI says it will be able to obtain these approvals “with a very high degree of probability and in a fairly short period.”

This new proposal is a $ 155 million version, secured by the first concession on all satellites in Spacecom, which would give the debt rate to a 68 % guarantee. Pure bond returns will be used to pay current bond holders in Spacecom, or new bonds will be released.

Spacecom will be left with $ 20 million in cash to finance its daily activity. The bond holders will receive the rest of the SPACECOM funds, so that, with new bond display revenues, they will receive $ 345 million, for debts of $ 378 million, as we mentioned.

The SPACECOM share at 21 % today has jumped to a price that still gives the company the market value of only 16 million New. The company’s bonds are traded unwanted revenue to recover 32-52 %.

It was published by Globes, Israel Business News – En.globes.co.il – on May 15, 2025.

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