Investors are growing increasingly concerned about the finances of two of Europe’s largest satellite operators as the rapid rise of Elon Musk’s Starlink deepens the pressure on the continent’s ailing incumbents.
The cost of buying insurance against France’s Eutelsat and SES of Luxembourg defaulting on their bonds has soared to record highs, as investors fear the two will struggle to repay their debts, which together amount to about €7bn.
Legacy satellite operators have struggled to adapt to the rise of new communication services from low Earth orbit, as their traditional, higher- orbit broadcasting businesses decline.
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