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.
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