Loral Space & Communications
From Wikipedia, the free encyclopedia
| Loral Space & Communications | |
 |
|
| Type | Public NASDAQ: LORL |
|---|---|
| Founded | 1996 |
| Headquarters | New York City, New York |
| Key people | Michael B. Targoff, CEO Eric J. Zahler, president/COO |
| Industry | Communications, Space manufacturing |
| Products | Communications satellite Manufacturing, Satellite Services |
| Revenue | $626M USD (FY 2005) |
| Employees | 1,700 |
| Slogan | Unknown |
| Website | www.loral.com |
Loral Space & Communications Inc. is a satellite communications company headed by Michael B. Targoff and incorporated in Delaware. The company was formed in 1996 from the remnants of Loral Corporation when Loral divested its defense electronics and system integration businesses to Lockheed Martin for $9.1 billion. In 2006, Bernard L. Schwartz retired after leading the company for many years.
Loral presently operates two businesses: Space Systems/Loral (acquired in 1990 as the Space Systems Division of Ford Aerospace), and Loral Skynet (acquired in 1997 from AT&T). The company also participates in a number of international and domestic joint ventures, including an ownership stake in XTAR.
In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in a review of a Chinese rocket launch failure in 1996. Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges. "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. In conjunction with the filing, Loral announced the sale of its North American satellite fleet to Intelsat to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.
