Loral rejects EchoStar buyout offer
Posted: Fri, Oct 10, 2003, 12:14 PM ET (1614 GMT)
Loral announced late Wednesday that it has rejected an offer from satellite television operator EchoStar to purchase all of Loral's assets. EchoStar had offered $1.85 billion to buy all of Loral’s satellites and other assets, including its Space Systems/Loral satellite manufacturing unit. In a statement Loral chairman and CEO Bernard Schwartz said that EchoStar's offer "undervalues" Loral's assets. Loral filed for Chapter 11 bankruptcy protection in July and announced at the same time that it would sell six of its satellites serving North America to Intelsat for approximately $1 billion. Since that offer one of the satellites, Telstar 4, failed in orbit. Space News reported Thursday that EchoStar has asked the bankruptcy court overseeing Loral to overturn Loral's rejection of the bid.
Loral announced late Wednesday that it has rejected an offer from satellite television operator EchoStar to purchase all of Loral's assets. EchoStar had offered $1.85 billion to buy all of Loral’s satellites and other assets, including its Space Systems/Loral satellite manufacturing unit. In a statement Loral chairman and CEO Bernard Schwartz said that EchoStar's offer "undervalues" Loral's assets. Loral filed for Chapter 11 bankruptcy protection in July and announced at the same time that it would sell six of its satellites serving North America to Intelsat for approximately $1 billion. Since that offer one of the satellites, Telstar 4, failed in orbit. Space News reported Thursday that EchoStar has asked the bankruptcy court overseeing Loral to overturn Loral's rejection of the bid.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
Report outlines cost growth in canceled NASA exploration programs
Posted: Sat, Jun 27 11:14 AM ET (1514 GMT) Perseverance Mars rover finds more potential biosignatures
Posted: Sat, Jun 27 11:12 AM ET (1512 GMT) |
|
news links
|
|
Thursday, July 2
President Meloni receives ESA astronaut Parmitano
Government of Italy — 3:05 am ET (0705 GMT) China-Europe Earth observation cooperation moves toward greater complementarity: ESA official
Xinhua — 3:04 am ET (0704 GMT) Launch Date Confirmed for Seven GRUS-3 Earth Observation Microsatellites
Axelspace — 3:03 am ET (0703 GMT) Blue Origin Doubles Down On Return To Flight This Year
Aviation Week — 3:00 am ET (0700 GMT) The SpaceX IPO tells one story. Here is the more important one.
Space News — 2:58 am ET (0658 GMT) |
