Loral Space & Communications
|Traded as||NASDAQ: LORL|
|Industry||Communications, Space manufacturing|
|Headquarters||600 Third Avenue
New York City, New York
|Key people||Michael B. Targoff, CEO
Harvey Rein, Senior Vice President/CFO
|Products||Communications satellite Manufacturing, Satellite Services|
|Revenue||$882M USD (FY 2007)|
Loral Space & Communications Inc. is a satellite communications company headed by Michael B. Targoff and incorporated in Delaware. The company was formed in 1996 from the remnants of Loral Corporation when Loral divested its defense electronics and system integration businesses to Lockheed Martin for $9.1 billion. In 2006, Bernard L. Schwartz retired after leading the company for many years.
Loral presently operates satellite manufacturing company Space Systems/Loral (acquired in 1990 as the Space Systems Division of Ford Aerospace), and has an investment in Telesat Canada in partnership with the Public Pension Investment Board of Canada. The company also participates in a number of international and domestic joint ventures, including an ownership stake in XTAR.
In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in the disclosure of information during a review of a Chinese rocket launch failure in 1996. Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges.
On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. In conjunction with the filing, Loral announced the sale of its North American satellite fleet to Intelsat to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.
On October 5, 2007 Loral Space & Communications Inc. and the Public Pension Investment Board of Canada received the final regulatory approval necessary to complete the acquisition of Telesat from BCE Inc. for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 331/3% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.
At the same time, Telesat Canada merged with Loral Skynet, a subsidiary of Loral Space & Communications. This resulted in the transfer of all of the assets of Loral Skynet to Telesat.
- http://www.mercurynews.com/business/ci_19291336 "Satellite business taking off in Palo Alto", San Jose Mercury News, November 8, 2011.
- http://www.loralpresscenter.com/inthenews/020109.html "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
- http://www.ssloral.com/html/pressreleases/pr20121102.html "Loral Closes Sale of Space Systems/Loral to MDA", Loral news release, November 2, 2012.
- Loral Space & Communication (official website)
- Space Systems/Loral (SS/L)
- Loral Space & Communications at Answers.com
- Yahoo! - Loral Space & Communications Inc. Company profile