TECHNOLOGY, MEDIA AND TELECOMMUNICATION
Hispasat, S.A. v. Bantel Telecom LLC (Final Award), 15 November, 2016
In 2013, the parties entered an agreement for Hispasat (Claimant, Spain) to lease to Bantel (Respondent, USA) satellite capacity in the Hispaset Satellite System. Approximately two years later, the parties entered into an agreement acknowledging the debt that Bantel had accumulated towards Hispaset and creating a payment plan. In the same agre
Bantel undertook to create a pledge on its telecommunication equipment as security. The pledge, however, was subsequently not created and of the seven planned payments, Bantel only made the first. Pursuant to the parties’ arbitration agreement, Hispasat submitted a claim to an ICC panel seated in Madrid, Spain. The panel found that Bantel had inter alia defaulted on its debt obligations and awarded USD 1,5 million to Hispasat.