Loral Space & Communications

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Loral Space & Communications Ltd. is a satellite communications company headed by Bernard L. Schwartz and incorporated in Bermuda in 1996, when Loral Corp. divested its defense electronics and system integration businesses (to Lockheed Martin, for approximately $9.1 billion).

Loral presently operates two businesses—Space Systems/Loral (acquired in 1990 as the Space Systems Division of Ford Aerospace), and Loral Skynet (acquired in 1997 from AT&T)—and participates in a number of international and domestic joint ventures.

On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. Shortly after the filing, Loral announced the sale of its North American fleet to Intelsat to help reduce its debt. Loral expects to emerge from Chapter 11 in 2005.

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