Avanti gives Indonesia 2 week extension on $20m payment

Avanti Communications on Tuesday said it had agreed to give the Indonesian government an extra two weeks to pay $21m owed to it under a court settlement.

Indonesia asked for the extension to August 14 so it had enough time to complete its internal regulatory administration to enable payment to be made, Avanti said.

The state also confirmed it would pay the full amount, it added.

The AIM-traded firm had started proceedings in the London Court of International Arbitration against Indonesia's Ministry of Defence last August year, in a bid to recover all sums payable to it under an agreement for lease of its ARTEMIS satellite.

Indonesia’s Ministry of Defence borrowed the satellite in November 2016 to stop it losing L-band spectrum rights at the 123 degrees east orbital slot.

Indonesia agreed to pay $30m for the relocation and use of the satellite, but stopped making payments after giving Avanti just $13.2m.