EchoStar Bids for Loral’s Birds - Multichannel

EchoStar Bids for Loral’s Birds

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EchoStar Communications Corp. said late Wednesday that it placed a $1.029 billion bid for the U.S. satellites of bankrupt Loral Space & Communications Ltd., Reuters reported.

Loral had rejected an offer by EchoStar last week of $1.85 billion for the entire company.

Loral agreed in July to sell its North American satellite fleet to Intelsat for about $1 billion, but as part of bankruptcy-court procedures, it was required to put the assets up for auction.

The U.S. Bankruptcy Court for the Southern District of New York set Oct. 20 as the auction date, and it expects to rule on the auction Oct. 22.

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