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.
EchoStar also has indicated an interest in acquiring the balance of Loral’s FSS fleet and its satellite manufacturing assets.
Consistent with the bidding procedures approved by the Bankruptcy Court on August 18, 2003, Loral will evaluate any such bid it may receive from EchoStar in accordance with the bidding procedures.
Bernard L. Schwartz said, “EchoStar’s interest reconfirms the value of the assets assembled by Loral over the years. We will consider all bids received very carefully, noting that our current plan is to emerge from the bankruptcy process with a viable, ongoing satellite services and manufacturing business.”
