Arianespace Shareholders Agree To Offset Consortiumâ€™s Losses
The Arianespace commercial launch consortium has won approval of its shareholders to recapitalize the company to compensate for two years of losses totaling 135 million euros ($184 million), European government and industry officials said Jan. 26.
The shareholders, led by the French space agency CNES and Ariane 5 prime contractor Astrium Space Transportation, will not be paying that amount in cash, however.
Taking account of an apparently exceptional cash reserve of 55 million euros at Evry, France-based Arianespace, the companyâ€™s shareholders ordered that these funds be used to offset the amount of cash the company was soliciting.
As a result, the shareholders were obliged to write checks for a total of 80 million euros.
Read the full story.