04:14 Intelsat -1.5% as it determines total loss of satellite - The Boeing Company (NYSE:BA)
Intelsat (NYSE:I) -- which last week reported a service outage due to a couple of anomalies on its Intelsat 29e satellite -- is now calling the satellite a total loss.
Shares are down 1.5% after hours.
All attempts to recover the bird have been unsuccessful, the company says, after propulsion system damage on April 7 resulted in a propellant leak, followed by a second anomaly.
Intelsat 29e serves maritime, aeronautical and wireless operators in Latin America, the Caribbean and North Atlantic.
The company's working to transition customers to restoration paths on other satellites serving the region, with third-party satellites provided for a majority of disrupted services.
It's convened a failure review board with 29e's maker Boeing (NYSE:BA) to analyze what happened.
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