APT Satellite to take Telstar 10 back from Telesat

OTTAWA - Telesat Canada said late Monday it has signed an agreement to relinquish its leasehold interest in the Telstar 10 satellite to Hong Kong’s APT Satellite Company Limited, the bird's owner, and to transfer related customer contracts. The deal will bring in US$69.5 million, subject to adjustment, to the Canadian company. Proceeds will be used to fund replacement satellites or repay debt, in accordance with Telesat's financing arrangements, says the press release. The transaction announced today is one of the transactions previously disclosed as being under consideration involving the possible disposition of certain of Telesat's international satellites. The parties...