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Loral Space & Communications

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Loral Space & Communications
Company typePublic
Nasdaq: LORL
Russell 2000 Component
IndustryCommunications, Space manufacturing
Founded1996
Headquarters600 Third Avenue
New York City, New York
Key people
Michael B. Targoff (CEO), Harvey Rein, Senior Vice President/CFO
ProductsCommunications satellite Manufacturing, Satellite Services
Revenue$882M USD (FY 2007)
Number of employees
21 [1]
Websitewww.loral.com

Loral Space & Communications Inc. is a Delaware-domiciled satellite communications company headed by Michael B. Targoff. 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.[5] 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.[6] 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." [7] Loral paid a total fine of $20 million, the largest that a company has ever paid under the Arms Export Control Act.[8]

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.

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

  1. ^ "Loral Space & Communication 2017 Annual Report". Retrieved November 14, 2018.
  2. ^ "Lockheed Martin To Settle Charges in Loral Acquisition". Federal Trade Commission. 1996-04-18. Retrieved 2020-11-27.
  3. ^ "LORAL COMPLETES ACQUISITION OF ORION NETWORK SYSTEMS". Mar 20, 1998. Archived from the original on 2014-08-19.
  4. ^ "Archived copy". Archived from the original on 2008-06-21. Retrieved 2009-12-19.{{cite web}}: CS1 maint: archived copy as title (link) "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
  5. ^ "Archived copy". Archived from the original on 2008-06-21. Retrieved 2009-12-19.{{cite web}}: CS1 maint: archived copy as title (link) "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
  6. ^ http://www.house.gov/coxreport/chapfs/app.html
  7. ^ http://www.house.gov/coxreport/chapfs/ch6.html
  8. ^ "StackPath".
  9. ^ "CONSTRUCTION OF LORAL SKYNET'S TELSTAR 11N SATELLITE BEGINS AT SPACE SYSTEMS/LORAL". Feb 1, 2006. Archived from the original on 2013-06-15.
  10. ^ "BCE sells Telesat to Loral for $3 bil | Hollywood Reporter". www.hollywoodreporter.com. Retrieved 2021-01-05.
  11. ^ https://www.sslmda.com/html/pressreleases/pr20121102.php "Loral Closes Sale of Space Systems/Loral to MDA", Loral news release, November 2, 2012.
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