Loral Space & Communications

Infobox_Company
company_name = Loral Space & Communications
company_
company_type = Public nasdaq|LORL
company_slogan = Unknown
foundation = 1996
location = New York City, New York
key_people = Michael B. Targoff, CEO Harvey Rein, Senior Vice President/CFO
num_employees = 2,100
industry = Communications, Space manufacturing
products = Communications satellite Manufacturing, Satellite Services
revenue = $882M USD (FY 2007)
homepage = [http://www.loral.com/ www.loral.com]

Loral Space & Communications Inc. is a satellite communications company headed by Michael B. Targoff and incorporated in Delaware. The company was formed in 1996 from the remnants of Loral Corporation when Loral divested its defense electronics and system integration businesses to Lockheed Martin for $9.1 billion. In 2006, Bernard L. Schwartz retired after leading the company for many years.

Loral presently operates satellite manufacturing company Space Systems/Loral (acquired in 1990 as the Space Systems Division of Ford Aerospace), and has an investment in Telesat Canada in partnership with the Public Pension Investment Board of Canada. The company also participates in a number of international and domestic joint ventures, including an ownership stake in XTAR.

History

In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in a review of a Chinese rocket launch failure in 1996. Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges. [http://www.loralpresscenter.com/inthenews/020109.html "Loral and US Government Settle Chinese Launch Matter"] , Loral news release, January 9, 2002.

On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. In conjunction with the filing, Loral announced the sale of its North American satellite fleet to Intelsat to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.

On October 5, 2007 Loral Space & Communications Inc. and the Public Pension Investment Board of Canada received the final regulatory approval necessary to complete the acquisition of Telesat from BCE Inc. for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 331/3% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.

At the same time, Telesat Canada merged with Loral Skynet, a subsidiary of Loral Space & Communications. This resulted in the transfer of all of the assets of Loral Skynet to Telesat.

External links

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Data

* [http://finance.yahoo.com/q/pr?s=LORL Yahoo! - Loral Space & Communications Inc. Company profile]