Loral emerges from Chapter 11
Posted: Tue, Nov 22, 2005, 9:35 PM ET (0235 GMT)
Loral Space and Communications announced Tuesday that it has emerged from Chapter 11, nearly two and a half years after it filed for bankruptcy protection. The company, which is both a satellite operator and manufacturer, entered Chapter 11 in mid-2003 after building up huge debts during the preceeding several years. With its reorganization complete, the company now has $180 million in cash and $126 million in debt, and has issued new common stock to be traded on NASDAQ. As part of the reorganization the company sold several satellites to Intelsat.
Loral Space and Communications announced Tuesday that it has emerged from Chapter 11, nearly two and a half years after it filed for bankruptcy protection. The company, which is both a satellite operator and manufacturer, entered Chapter 11 in mid-2003 after building up huge debts during the preceeding several years. With its reorganization complete, the company now has $180 million in cash and $126 million in debt, and has issued new common stock to be traded on NASDAQ. As part of the reorganization the company sold several satellites to Intelsat.| <<previous article | next article>> |
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