Loral Space & Communications announced Nov. 22 it officially concluded its reorganization and has emerged from Chapter 11 bankruptcy protection.

The restructured Loral will consist of two business segments: satellite manufacturing and satellite services. The satellite manufacturing unit, Space Systems/Loral, ended the third quarter with a $902 million backlog compared to a $399 million backlog at the same time a year ago. Satellite services will be handled by Loral Skynet, which ended the third quarter with a backlog of $502 million, down from $529 million in the same period a year ago.

“Throughout the last two-and-a-half years, we have created a stronger, leaner and more efficient Loral,” Loral Chairman and CEO Bernard Schwartz said in a statement. “We have won new awards and customers, and we continue to seek and capture opportunities in many new and traditional markets. We are confident that the momentum we have built will benefit all our constituents.”

Loral emerges from bankruptcy with roughly $180 million in cash and $126 million of debt from notes issued by Loral Skynet. Loral Skynet also issued $200 million of preferred stock to certain creditors of Loral Orion.

As part of the reorganization plan, Loral will issue 20 million shares of common stock to certain creditors. Once the shares are fully distributed, they will be traded on the Nasdaq market under the ticker LORL. Existing shares of Loral’s common and preferred stock were canceled Nov. 21.