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New York - Oct 27, 2003 Loral Space & Communications has received notice from the U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Loral's North American satellites for up to $1.1 billion to Intelsat, Ltd. As previously reported, Intelsat was the high bidder in an auction held October 20, 2003. "Today's decision by the bankruptcy court is a tremendous step forward in our strategy to emerge from bankruptcy as a viable and profitable player in the satellite industry," said Bernard L. Schwartz, chairman and CEO of Loral. "The sale to Intelsat allows Loral to eliminate its nearly $1 billion in secured debt and provides the framework for a plan of reorganization that recognizes the growth potential of the remaining FSS and manufacturing businesses." Announced in July, the agreement with Intelsat provides for the sale of the in-orbit Telstars 5, 6, 7 and 13, as well as Telstar 8, which is scheduled to be launched in mid 2004. The agreement also includes rights to the 77 degrees West longitude orbital slot, formerly occupied by Telstar 4. The sale to Intelsat remains subject to FCC approval and is expected to close in early 2004. Loral intends to reorganize around its remaining satellite services business, comprised of a fleet of five international satellites, and Space Systems/Loral (SS/L), its satellite manufacturing business. SS/L recently received orders for the construction of four new satellites - one each for Intelsat and PanAmSat Corporation and two for DIRECTV, Inc. Community Email This Article Comment On This Article Related Links Loral Space & Communications SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Stratos Steps Closer To Xantic Acquisition
Bethesda MD (SPX) Jan 5, 2006Stratos Global recently announced it had taken a step closer toward the completion of the acquisition of Xantic, having received positive advice from the Works' Council in the Netherlands, and executed a definitive agreement to purchase Xantic from KPN and Telstra Corporation. |
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