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Loral Space Communications Ltd

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BUSINESS
May 2, 1996 | Times Staff and Wire Reports
Loral, Arianespace Sign Satellite Pact: The U.S. company and the European aerospace consortium plan to launch five commercial satellites through 2000. As part of the agreement, Loral satellites will be launched on an Ariane 5 launcher in the first half of 1998 and in four other flights through the end of the decade. The exact payloads of each launch have yet to be determined, said Robert Berry, president of Space Systems/Loral, a subsidiary of Loral Space & Communications Ltd.
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BUSINESS
December 29, 2004 | From Bloomberg News
Loral Space & Communications Ltd., the third-largest U.S. satellite maker, and its Mexican partners probably will miss a $188-million payment to the Mexican government today on their purchase of 75% of Satelites Mexicanos, a communications ministry official said. Failure to make the payment may trigger foreclosure unless Loral and its partners submit a debt restructuring plan in the "coming weeks," said Rodolfo Salgado, who oversees state asset sales at the ministry.
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BUSINESS
December 25, 2001 | Bloomberg News
Loral Space & Communications Ltd., the No. 2 U.S. satellite communications company, said lenders agreed to extend maturities of $1.09 billion in bank loans being used to increase its satellite fleet. The maturities were extended to January 2005 and their amortization schedules revised, Loral said. The changes will reduce Loral's principal payments after its investment in a satellite phone operator soured and sales fell.
BUSINESS
October 9, 2003 | From Bloomberg News
Loral Space & Communications, a satellite maker that filed for Bankruptcy Court protection in July, said it had rejected a $1.85-billion purchase offer from EchoStar Communications Corp. The offer by EchoStar, the second-largest U.S. satellite-television company, undervalues Loral's assets, the New York-based company said. Loral wants to keep its satellite services and manufacturing businesses and sell its North American satellites as part of its bankruptcy reorganization.
BUSINESS
December 29, 2004 | From Bloomberg News
Loral Space & Communications Ltd., the third-largest U.S. satellite maker, and its Mexican partners probably will miss a $188-million payment to the Mexican government today on their purchase of 75% of Satelites Mexicanos, a communications ministry official said. Failure to make the payment may trigger foreclosure unless Loral and its partners submit a debt restructuring plan in the "coming weeks," said Rodolfo Salgado, who oversees state asset sales at the ministry.
BUSINESS
August 1, 2002
* Alcoa Inc., the world's largest aluminum producer, said it will close plants in North Carolina and Oregon and cut production at a facility in Texas because of high energy costs and sagging aluminum prices. The moves will cut 377 jobs. * Loral Space & Communications Ltd. said its second-quarter loss narrowed to $63.5 million, or 18 cents a share, from $95.4 million, or 29 cents, a year earlier. Sales increased 15% to $316.3 million. * Jack in the Box Inc.'s third-quarter profit rose 15% to $24.
BUSINESS
March 15, 1997 | Times Staff and Wire Reports
AT&T Corp. said it completed the sale of its Skynet Satellite Services business to New York-based Loral Space & Communications Ltd. for $478.1 million, as Loral tries to create a global satellite communications company. Basking Ridge, N.J.-based AT&T said in September that it would sell the business to Loral for $712.5 million. It lowered the price after encountering problems with its Telstar 401, one of the satellites in the four-satellite system. Loral shares rose 37.5 cents to close at $15.
BUSINESS
May 9, 2000 | Bloomberg News
Loral Space & Communications Ltd.'s first-quarter loss widened to $123 million, or 49 cents a share, from $38.5 million, or 17 cents, a year ago, on increased start-up costs for the Globalstar Telecommunications Ltd. network. The loss far exceeded forecasts of 36 cents. Revenue rose 4% to $318.1 million. Loral owns a 40% stake in Globalstar, the only satellite-telephone company that hasn't filed for bankruptcy protection or shut down. At Globalstar, losses widened to $91.
BUSINESS
April 6, 2000 | Bloomberg News
Loral Space & Communications Ltd., the second-biggest U.S. satellite communications company, was selected by Boeing Co. to provide satellite service for its planned airborne Internet venture, people familiar with the situation said. Boeing is developing a system to let airline passengers access the Internet or watch live television in mid-flight. New York-based Loral would lease access to its existing satellites to help Boeing provide the service.
BUSINESS
May 19, 1999
* Amsted Industries Inc., the world's largest maker of train wheels, said it is making a hostile offer of $700 million in cash and assumed debt for rail parts maker Varlen Corp., which spurned Amsted's overtures. Amsted plans to start a tender offer of $35 a share for Varlen, the biggest maker of buffers that separate train cars. The bid by Chicago-based Amsted includes assuming $94.9 million in debt and is 35% more than Varlen's Monday close. Varlen rose $10 to close at $35.
BUSINESS
August 1, 2002
* Alcoa Inc., the world's largest aluminum producer, said it will close plants in North Carolina and Oregon and cut production at a facility in Texas because of high energy costs and sagging aluminum prices. The moves will cut 377 jobs. * Loral Space & Communications Ltd. said its second-quarter loss narrowed to $63.5 million, or 18 cents a share, from $95.4 million, or 29 cents, a year earlier. Sales increased 15% to $316.3 million. * Jack in the Box Inc.'s third-quarter profit rose 15% to $24.
BUSINESS
December 25, 2001 | Bloomberg News
Loral Space & Communications Ltd., the No. 2 U.S. satellite communications company, said lenders agreed to extend maturities of $1.09 billion in bank loans being used to increase its satellite fleet. The maturities were extended to January 2005 and their amortization schedules revised, Loral said. The changes will reduce Loral's principal payments after its investment in a satellite phone operator soured and sales fell.
BUSINESS
February 16, 2001 | From Bloomberg News and Reuters
May Department Stores Co. on Thursday said fiscal fourth-quarter profit rose only slightly after the retailing industry suffered its slowest holiday season in at least five years. Meanwhile, Office Depot Inc. and catalog retailer Spiegel Group Inc. reported lower fourth-quarter profits and said a slowing U.S. economy will crimp future results. May, whose chains include Hecht's, Lord & Taylor and Robinson May, is the first major retailer to report results for the quarter.
NEWS
May 23, 2000 | WILLIAM C. REMPEL and ALAN C. MILLER, TIMES STAFF WRITERS
When Sen. Arlen Specter recently obtained the internal Justice Department memo of former campaign finance task force chief Charles G. LaBella, the Pennsylvania Republican used it to resurrect a favorite partisan target: President Clinton's approval for Loral Space and Communications Corp. to launch a satellite from China two years ago. At the time, Loral Chairman Bernard L. Schwartz was among the Democratic Party's biggest individual donors.
BUSINESS
May 9, 2000 | Bloomberg News
Loral Space & Communications Ltd.'s first-quarter loss widened to $123 million, or 49 cents a share, from $38.5 million, or 17 cents, a year ago, on increased start-up costs for the Globalstar Telecommunications Ltd. network. The loss far exceeded forecasts of 36 cents. Revenue rose 4% to $318.1 million. Loral owns a 40% stake in Globalstar, the only satellite-telephone company that hasn't filed for bankruptcy protection or shut down. At Globalstar, losses widened to $91.
BUSINESS
May 4, 2000 | AMY HELLICKSON, BLOOMBERG NEWS
Loral Communications Ltd. shareholders are calling for the company to sell its 45% stake in Globalstar Telecommunications Ltd., whose stock has tumbled this year. Globalstar is the only satellite-phone company that hasn't filed for bankruptcy protection or shut down. The firm's shares have dropped 73% since January after Iridium collapsed and investors began to wonder whether a market for satellite phones exists. Investors are pushing Loral, the second-largest satellite operator in the U.S.
BUSINESS
April 25, 1998 | From Bloomberg News
Loral Space & Communications Ltd. said Friday it offered to increase its stake in the Globalstar satellite partnership to 42% for as much as $420 million and then sell half of the newly acquired shares to billionaire money manager George Soros. Loral said it offered to buy the equivalent of 8.4 million shares of Globalstar Telecommunications Ltd. for $50 each from its partners.
BUSINESS
November 11, 1999 | From Bloomberg News
Microsoft Corp. said Chairman Bill Gates and President Steve Ballmer will unveil a "strategic partnership" Thursday that analysts said may involve an investment in Loral Space & Communications Ltd. Several analysts, including Keith Patriquin at Loomis, Sayles & Co., said they'd heard that Microsoft might buy Lockheed Martin Corp.'s stake in Loral, the No. 2 U.S. satellite-communications company. Microsoft declined to comment on that possibility or the business involved.
BUSINESS
April 24, 2000 | JAMES PELTZ
Bernard Schwartz is considered one of the savviest chief executives in the aerospace industry, and its best-known iconoclast. But at age 74, there's a threat that Schwartz's career could end on a decidedly sour note. Schwartz earned his legacy building Loral Corp., nearly from scratch, into a major aerospace and defense contractor. Loral's radar and other defense lines were then bought in 1996 by Lockheed Martin Corp.
BUSINESS
April 6, 2000 | Bloomberg News
Loral Space & Communications Ltd., the second-biggest U.S. satellite communications company, was selected by Boeing Co. to provide satellite service for its planned airborne Internet venture, people familiar with the situation said. Boeing is developing a system to let airline passengers access the Internet or watch live television in mid-flight. New York-based Loral would lease access to its existing satellites to help Boeing provide the service.
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