Loral Rejects Echostar Takeover Offer

SPACEMART

Loral Rejects Echostar Buyout Offer

a plum prize going cheap

New York - Oct 09, 2003
Loral Space & Communication announced Wednesday that its board of directors has reviewed a letter from EchoStar Communications Corporation in which it indicated an interest in purchasing all of Loral's assets for $1.85 billion. EchoStar's proposal, which the board rejected, was subject to numerous conditions.

Bernard L. Schwartz, chairman and CEO of Loral, said, "EchoStar's bid undervalues Loral's businesses, especially in light of the significant increase in value that has been achieved since the beginning of the company's reorganization case in July. Our recent satellite awards demonstrate that Loral remains a trusted and valued business partner, providing the industry's most advanced and reliable satellites and satellite services.

"Further, we continue to believe that the best course of action for Loral to enhance the value of its assets, is to proceed with the proposed sale of our North American satellites and emerge from the bankruptcy process with a viable, ongoing satellite services and manufacturing business."

On July 15, 2003, Loral reached an agreement to sell Intelsat its six North American satellites (including Telstar 4) for approximately $1.1 billion. Consistent with the bidding procedures approved by the Bankruptcy Court, Loral will evaluate any and all bids that it may receive for its North American satellites on or before October 15, 2003, including one from EchoStar if it submits a bid for those assets.

SPACEMART

Loral Wins Twin Bird Deal At DirecTV

Palo Alto - Oct 02, 2003
Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications announced Monday that DirecTV, Inc., El Segundo, Calif., has issued SS/L authorizations to proceed (ATPs) with the design and construction of two satellites: DirecTV 8 and DirecTV 9S. Aggregate revenue for the construction of the two satellites will be in excess of $220 million.

Loral Skynet Declares Telstar 4 A Total Loss

New York - Sep 23, 2003
Loral Skynet, a subsidiary of Loral Space & Communications, today said that it has been unable to re-establish contact with its Telstar 4 satellite and has declared the satellite a total loss. As previously reported, Telstar 4 experienced a short circuit of its primary power bus on September 19, 2003.

Loral Confirms Echostar Offer

New York - Aug 19, 2003
Loral Space & Communications has confirmed that, in addition to reaching agreement with Intelsat on July 15, 2003 for the sale of Loral's six North American satellites, Loral has received an informal offer for those assets from EchoStar Communications Corp., subject to due diligence.