Loral submits reorganization plan
Posted: Fri, Aug 20, 2004, 10:36 AM ET (1436 GMT)
Satellite operator and manufacturer Loral announced Thursday that it has submitted a reorganization plan that will allow the company to exit from Chapter 11 bankruptcy protection by the end of the year. The plan, filed with a federal bankruptcy court in New York, would create a reorganized company called New Loral, which would maintain both the satellite operator, Loral Skynet, and the satellite manufacturer, Space Systems/Loral, as separate subsidiaries. The new company would be owned by existing creditors and bondholders, but existing shareholders would receive nothing. New Loral would again be a public company with its shares listed on an unnamed "major" stock exchange. Loral entered Chapter 11 last year, weighed down by debt associated with its investment in Globalstar as well as a weak overall satellite communications market.
Satellite operator and manufacturer Loral announced Thursday that it has submitted a reorganization plan that will allow the company to exit from Chapter 11 bankruptcy protection by the end of the year. The plan, filed with a federal bankruptcy court in New York, would create a reorganized company called New Loral, which would maintain both the satellite operator, Loral Skynet, and the satellite manufacturer, Space Systems/Loral, as separate subsidiaries. The new company would be owned by existing creditors and bondholders, but existing shareholders would receive nothing. New Loral would again be a public company with its shares listed on an unnamed "major" stock exchange. Loral entered Chapter 11 last year, weighed down by debt associated with its investment in Globalstar as well as a weak overall satellite communications market.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
Starship explodes during preparations for static-fire test
Posted: Sun, Jun 22 6:52 AM ET (1052 GMT) |
|
news links
|
|
Saturday, July 5
Huge cost of my trip, what I saw – First Nigerian in space, Owolabi Salis
Punch (Nigeria) — 9:38 am ET (1338 GMT) Owolabi Salis Describes Travel to Space as ‘A Spiritual Journey,’ Urges African Youth to Explore Beyond Earth
Arise News — 9:37 am ET (1337 GMT) CoinDCX co-founder partners with ISRO scientists to launch Astrobase, raises $10 Mn
Entrackr — 9:37 am ET (1337 GMT) ISRO conducts student interactions with Gaganyatri onboard ISS
ISRO — 9:32 am ET (1332 GMT) Shux in space: ISRO's Shubhanshu Shukla conducts bone, radiation, and microgravity experiments on ISS
The Economic Times (India) — 9:31 am ET (1331 GMT) |
