Loral Files Revised Plan Of Reorganization And Disclosure Statement

SPACEMART

New York NY (SPX) Oct 26, 2004
Loral Space & Communications last Friday (October 22) filed a revised plan of reorganization (the "Plan") and a Disclosure Statement with the Bankruptcy Court. The company expects to exit chapter 11 under current management in the first-quarter of 2005.

The Plan, which revises the terms of a Plan previously filed on August 19, 2004, reflects a consensual agreement on financial terms between the company and the Creditors' Committee appointed in the chapter 11 cases of Loral and certain of its subsidiaries.

It is subject to final documentation and the resolution of certain other issues between the company and the Creditors' Committee and to confirmation by the bankruptcy court. It provides, among other things, that:

- Loral's two businesses, Space Systems/Loral and Loral Skynet, will emerge intact as separate subsidiaries of reorganized Loral (New Loral). The Disclosure Statement establishes the enterprise value of New Loral at between approximately $650 million and approximately $800 million.

- Space Systems/Loral, the satellite design and manufacturing business, will emerge debt-free.

- The common stock of New Loral will be owned by Loral bondholders, Loral Orion bondholders and certain other unsecured creditors, as follows:

- Loral bondholders and certain other unsecured creditors will receive approximately 19.4 percent of the common stock of New Loral.

- Loral Orion unsecured creditors, including Loral Orion bondholders, will receive approximately 79.0 percent of New Loral's common stock plus $200 million in new senior secured notes to be issued by reorganized Loral Skynet.

These creditors also will be offered the right to subscribe to purchase their pro-rata share of an additional $30 million in new senior secured notes to be issued by reorganized Loral Skynet. This rights offering will be backstopped by certain creditors who will receive a fee payable in the notes.

- All other general unsecured creditors will have an option to elect to receive their pro rata share of approximately 1.6 percent of New Loral common stock or their pro rata share of $30 million in cash, subject to adjustment for over-subscription or under-subscription.

- Existing common and preferred stock will be cancelled and no distribution will be made to current shareholders.

- New Loral will emerge as a public company and will seek listing on a major stock exchange.

SPACEMART

Telenor Cashes Out Of Intelsat With Sale Of 4% Stake

Oslo, Norway (SPX) Oct 21, 2004
Telenor is selling its 4 per cent share in the world's largest satellite company, Intelsat for $129 million. The sale will give Telenor a book profit of around NOK 400 million (approximately $62 million).

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

The content herein, unless otherwise known to be public domain, are Copyright 1995-2016 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.