The U.S. Bankruptcy Court for the Southern District of New York approved the disclosure statement, which includes the proposed plan of reorganization, submitted by Loral Space & Communications, the company announced June 1.

Loral plans to begin mailing the disclosure statement June 7 to creditors entitled to vote on the plan and a hearing for the court to consider confirmation of the plan has been scheduled for July 13.

Loral hopes to emerge from chapter 11 shortly after the confirmation hearing, the company said.