Boeing loses large satellite deal due to trade credit woes, sources say

Washington

BOEING Co is scrambling to find alternate financing for a satellite contract worth "several hundred million dollars" that was scuttled by privately held commercial satellite provider ABS due to uncertainty about the future of the US Export-Import Bank, three sources familiar with the matter said on Tuesday.

ABS, based in Bermuda and Hong Kong, terminated its order for the satellite in mid-July, citing the expiration of the trade bank's charter on June 30, according to the sources, who asked not to be named given the sensitivity of the issue.