Loral Space obtains court approval for sale of satellites to Intelsat

By Carlise Newman

Chicago, Oct. 24 - Loral Space & Communications said the U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Loral's North American satellites to Intelsat Ltd. for up to $1.1 billion.

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 Federal Communications Commission approval and is expected to close in early 2004.

The New York satellite operator intends to reorganize around its remaining satellite services business, comprised of a fleet of five international satellites, and Space Systems/Loral, its satellite manufacturing business. Space Systems/Loral recently received orders for the construction of four new satellites, one each for Intelsat and PanAmSat Corp. and two for DirecTV, Inc.

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