Loral Space & Communications
![]() | |
Type | Public |
---|---|
Nasdaq: LORL Russell 2000 Component | |
Industry | Communications, Space manufacturing |
Founded | 1996 |
Headquarters | 600 Third Avenue New York City, New York |
Key people | (CEO), , Senior Vice President/CFO |
Products | Communications satellite Manufacturing, Satellite Services |
Revenue | $882M USD (FY 2007) |
Number of employees | 21 [1] |
Website | www |
Loral Space & Communications Inc. is a Delaware-domiciled satellite communications company headed by . 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.[2] In 2006, Bernard L. Schwartz retired after leading the company for 34 years.
Loral presently has an investment in Telesat Canada in partnership with the Public Sector Pension Investment Board of Canada. The company also participates in a number of international and domestic joint ventures, including an ownership stake in XTAR.
History[]
On March 20, 1998, Loral completed the acquisition of Orion Network Systems, Inc., through the exchange of common stock. The transaction was valued at approximately $479 million.[3]
In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in the disclosure of information during a review of a Chinese rocket launch failure in 1996.[4] Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges.[4] According to a House Select Committee, Loral under CEO Schwartz provided the Chinese government with advice regarding a guidance system for future PRC road-mobile intercontinental ballistic missiles.[5] The Defense Technology Security Administration concluded Loral "committed a serious export control violation" and that the "significant benefits derived by China from these activities are likely to lead to improvements in the overall reliability of their launch vehicles [i.e., rockets] and ballistic missiles and in particular their guidance systems."[6] Loral paid a total fine of $20 million, the largest that a company has ever paid under the Arms Export Control Act.[7]
On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code.[8] 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.
On Feb 1, 2006, a subsidiary of Loral Space & Communications (Loral Skynet) began the construction of Telstar 11N, a powerful new multi-region Ku-band communications satellite.[9]
On October 5, 2007, Loral Space & Communications Inc. and the Public Pension Investment Board of Canada received the final regulatory approval necessary to complete the acquisition of Telesat from BCE Inc. for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 331/3% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.
At the same time, Telesat Canada merged with Loral Skynet, a subsidiary of Loral Space & Communications.[10] This resulted in the transfer of all of the assets of Loral Skynet to Telesat.
On November 2, 2012, Loral Space & Communications Inc. announced the sale of subsidiary Space Systems/Loral (SS/L), to MacDonald Dettwiler.[11]
References[]
- ^ "Loral Space & Communication 2017 Annual Report". Retrieved November 14, 2018.
- ^ "Lockheed Martin To Settle Charges in Loral Acquisition". Federal Trade Commission. 1996-04-18. Retrieved 2020-11-27.
- ^ "LORAL COMPLETES ACQUISITION OF ORION NETWORK SYSTEMS". Mar 20, 1998. Archived from the original on 2014-08-19.
- ^ Jump up to: a b "LORAL AND U.S. GOVERNMENT SETTLE 1996 CHINESE LAUNCH MATTER". Archived from the original on 2008-06-21. Retrieved 2009-12-19. "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
- ^ Appendices at the Wayback Machine (archived 21 October 2017)
- ^ Chapter 6 - Satellite Launches in the PRC - Loral at the Wayback Machine (archived 21 October 2016)
- ^ "StackPath".
- ^ Feder, Barnaby J. (2003-07-15). "Loral Files for Bankruptcy; Boeing to Take $1.1 Billion Charge". The New York Times. ISSN 0362-4331. Retrieved 2021-06-21.
- ^ "CONSTRUCTION OF LORAL SKYNET'S TELSTAR 11N SATELLITE BEGINS AT SPACE SYSTEMS/LORAL". Feb 1, 2006. Archived from the original on 2013-06-15.
- ^ "BCE sells Telesat to Loral for $3 bil | Hollywood Reporter". www.hollywoodreporter.com. 19 December 2006. Retrieved 2021-01-05.
- ^ "Loral Closes Sale of Space Systems/Loral to MDA". Loral Space & Communications Inc. 2 November 2012. Retrieved 3 September 2021.
External links[]
- Loral Space & Communication (official website)
- Space Systems/Loral (SS/L)
- Loral Space & Communications at Answers.com
- Yahoo! - Loral Space & Communications Inc. Company profile
- Loral Space & Communications
- Aerospace companies of the United States
- Manufacturing companies established in 1996
- Technology companies established in 1996
- Telecommunications companies established in 1996
- Companies based in New York City
- Companies listed on the Nasdaq
- Companies that filed for Chapter 11 bankruptcy in 2003