Posted: Thu, Oct 16, 2003, 11:41 AM ET (1541 GMT)
Space Systems/Loral (SS/L) announced Wednesday that it has won an order for a new satellite from PanAmSat, the fourth satellite order the manufacturer has received since its parent entered Chapter 11 bankruptcy protection this summer. PanAmSat has given SS/L an authorization to proceed on construction of Galaxy 16, a satellite with 48 C- and Ku-band transponders, and made a $25 million down payment. The spacecraft is scheduled to be completed by the end of 2005. SS/L also said Wednesday that DirecTV, which ordered two satellites from SS/L earlier this month, has also made down payments of $25 million each for the spacecraft. The company also confirmed a report last week that EchoStar had offered to purchase the DirecTV 7S satellite SS/L is building for DirecTV for $100 million; SS/L decided to turn down the offer. EchoStar reported late Wednesday that it has made a separate offer for five satellite SS/L's parent, Loral Space and Communications, plans to sell to Intelsat. EchoStar's bid for the satellites tops Intelsat's billion-dollar offer by $29 million, the Washington Post reported.

Related Links:

•  Loral press release about PanAmSat satellite order.
•  Washington Post article