Intelsat Wins Court Approval To Buy Loral’s North American Assets

Intelsat announced that the U.S. Bankruptcy Court for the Southern District of New York has approved its $1.1 billion offer to buy the North American satellite assets of Loral Space & Communications [OTC BB: LRLSQ] and certain affiliates.

Upon completion of the transaction, the Loral assets, including four satellites in orbit and one satellite under construction that is expected to launch in mid-2004, will give Intelsat coverage of the North American market where the company previously had a gap. The new satellites and orbital locations will complement Intelsat’s existing network of 23 satellites, leased capacity on two additional satellites, five commercial teleports, strategic points of presence and fiber connections.

For more on this story, see the Nov. 3 issue of SATELLITE NEWS. For more info on subscribing to PBI Media’s satellite newsletters, check out our Web site at https://www.satellitetoday.com