Future of Canadian space company Telesat uncertain as concerns rise over ability to pay off debts

. Meanwhile, analysts say its existing business of geostationary satellites, while still profitable, is facing stiff competition.

S&P analyst Madhav Hari said such a rating suggests a 50-per-cent chance of default, adding that the company will need “extremely favourable conditions” with its business plan to make timely payments on its debt. In a statement, Telesat spokesperson Lynette Simmons said the company now has $4-billion in financing arrangements of the US$5-billion it needs for Lightspeed and has made “tangible progress” toward finalizing the remainder of the deals since its last quarterly report, in November.

If Telesat defaults on its debts, bondholders will have little claim to the funds it has injected into Lightspeed, Fitch Ratings analyst John Culver said. For the funds that are available, he said, the Canadian government will take precedence. If it does secure the financing, Telesat will be going ahead with a smaller project than originally planned. The company initially hoped to send 258 new satellites into orbit by early 2023. But last spring it said it was reducing the count to 188, with 10 in-orbit spares, to stay within its budget.

Since the company is located in Ottawa, they need not worry: a government bailout at taxpayer expense is most certainly on its way.

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