Latest News

An arbitrator denied XM Satellite Radio’s request to recover 20 percent of the value of two Boeing-built satellites, XM announced in a Sept. 27 filing with the U.S. Securities and Exchange Commission.

The XM-1 and XM-2 satellites suffered from power loss due to a solar panel problem that affected a group of Boeing satellites based on the 702 platform. XM was forced to launch replacement satellites earlier than expected.

XM had recovered $142 million, or 80 percent of the amount, from insurers and filed an arbitration claim in August 2004 for the remaining 20 percent of the value. The company was recently told that its claim was rejected and no further recovery efforts will be made, XM said.

Get the latest Via Satellite news!

Subscribe Now