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July 20, 1987

COMMUNICATIONS SATELLITE TAKES HEFTY CHARGES FOR RESTRUCTURING

By CBR Staff Writer

In the wake of its failed attempt to merge with Contel Corp, Communications Satellite Corp, the Washington-based satellite communications firm, is embarking on a radical restructuring that will result in net charges and provisions of $98m with its second quarter figures – see Company Results, alongside. The company is putting its Amplica microwave components manufacturing business on the block – which will account for $46m in provisions. The second biggest charge is $32m against the cost of two direct broadcast satellites it has under construction and for which it has found no buyers. The balance is made up of $16m in write-offs on Comsat International Communications, also being sold, and $3m for the cost of the aborted merger.

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