PanAmSat Orders Satellite From Space Systems/Loral
PanAmSat [Nasdaq: SPOT], a Wilton, Conn.-based satellite operator, has ordered a satellite from Space Systems/Loral, the manufacturing arm of bankrupt Loral Space & Communications [OTC: LRLSQ]. The order is for the Galaxy 16 program, a C- and Ku-band satellite with 48 transponders to be delivered at the end of 2005. Revenue for the construction of the satellite will be in excess of $100 million. In addition, PanAmSat has agreed to enter into an option for an in- orbit spare for one of its existing satellites.