News

Court OKs Intelsat’s Loral Buy

10/24/2003 10:52 AM Eastern

Intelsat said Friday that it won approval to purchase the assets of bankrupt Loral Space & Communications Ltd.

The U.S. Bankruptcy Court for the Southern District of New York signed off on the deal, which is valued at up to $1.1 billion.

Once the transaction is final, the Loral assets -- including four satellites in orbit and one under construction that is expected to launch in mid-2004 -- will complete Intelsat’s coverage of the North American market.

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