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Source: Loral Space & Communications
Loral Confirms EchoStar Offer
Tuesday August 19, 6:24 pm ET
NEW YORK--(BUSINESS WIRE)--Aug. 19, 2003--Loral Space & Communications (OTCBB: LRLSQ - News) confirmed that, in addition to reaching agreement with Intelsat on July 15, 2003 for the sale of Loral's six North American satellites, Loral has received an informal offer for those assets from EchoStar Communications Corp., subject to due diligence. EchoStar also has indicated an interest in acquiring the balance of Loral's FSS fleet and its satellite manufacturing assets.
Consistent with the bidding procedures approved by the Bankruptcy Court on August 18, 2003, Loral will evaluate any such bid it may receive from EchoStar in accordance with the bidding procedures.
Bernard L. Schwartz said, "EchoStar's interest reconfirms the value of the assets assembled by Loral over the years. We will consider all bids received very carefully, noting that our current plan is to emerge from the bankruptcy process with a viable, ongoing satellite services and manufacturing business."
Loral Space & Communications is a satellite communications company. It owns and operates a global fleet of telecommunications satellites used by television and cable networks to broadcast video entertainment programming, and by communications service providers, resellers corporate and government customers for broadband data transmission, Internet services and other value-added communications services. Loral is also a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, Loral Space & Communications Ltd. or its representatives have made or may make forward-looking statements, orally or in writing, which may be included in, but are not limited to, various filings made by the company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. These factors include those related to the filing, on July 15, 2003 by Loral and certain of its subsidiaries, of voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States District Court for the Southern District of New York and parallel insolvency proceedings in the Supreme Court of Bermuda in which certain partners of KPMG were appointed as joint provisional liquidators. Additional factors and conditions are also described in the section of the company's annual report on Form 10-K for the fiscal year ended December 31, 2002, entitled "Certain Factors That May Affect Future Results," and the company's other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents.
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Contact:
Loral Space & Communications
Jeanette Clonan or John McCarthy
212-697-1105
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Source: Loral Space & Communications |
