Posted: Fri, Feb 13, 2004, 10:35 AM ET (1535 GMT)
The FCC announced Thursday that it has approval a plan by Intelsat to purchase several satellites from Loral. The FCC signed off on a plan for Intelsat to purchase five satellites and their orbital slots from Loral for approximately $1 billion. The deal was first announced in July of last year, when Loral filed for Chapter 11 bankruptcy protection, but required FCC approval before the deal could be closed. Four of the five satellites are currently in orbit, with the fifth, Telstar 8, scheduled for launch later this year. The deal originally included a sixth on-orbit satellite, Telstar 4, but it failed in September 2003; its orbital slot remains included in the agreement, however. Intelsat said in a statement that it was planning to complete the sale with Loral "once all other conditions to closing have been met."

Related Links:

•  Space News article
•  Intelsat press release
•  FCC ruling