Darkman
07-16-03, 07:56 AM
Read this somewhere...
Makes sense somewhat? ( I think so ) :
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"The lattés news on TARBS is that they are planning to scrap there north America DTH satellite platform on G10R ,when i do not know some of the channels will go to Dish network
Another satellite serves bites the dust,,,,,,,"
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hehe ...makes sense though...
BTW here is something on Telstar(s) :
"Loral Space opts for bankruptcy filing
Company to sell six satellites, pay down debt, restructure
By Michael Baron, CBS.MarketWatch.com
Last Update: 1:18 PM ET July 15, 2003
NEW YORK (CBS.MW) -- Shares of Loral Space & Communications plunged Tuesday in third-market action after the troubled satellite maker filed for bankruptcy protection.
The stock, which closed Monday at $3.01, nose-dived 74 percent to 78 cents before the opening bell. Trading was halted on the New York Stock Exchange.
"We regret deeply the impact that a Chapter 11 filing will have on many of our stakeholders -- particularly our shareholders, who have been so patient and loyal during these turbulent times," Chief Executive Bernard Schwartz said in a statement.
Under a restructuring plan, Loral will sell six Telstar satellites -- four currently serving North America, and two scheduled for launch over the next 12 months -- to Intelsat Ltd. for up to $1 billion. Intelsat has also agreed to order a new satellite and to make a $100 million down payment.
Loral (LOR: news, chart, profile) said it will use the $1.1 billion in new cash to pay off its remaining $959 million in bank debt.
Afterward, the company plans to reorganize its business around its remaining fleet of five satellites and its satellite manufacturing operations. It hopes to reemerge within four to six months.
Loral has struggled the past few years under a heavy debt burden -- a problem exacerbated by a global economic downturn that dampened demand for satellites. The company has about $2.1 billion in long-term debt.
At the same time, competition for existing business has remained intense in an industry saddled with excess capacity. Worried by such trends, financial institutions have been unwilling to lend more money to companies like Loral and to fund new satellite projects.
Crash and burn
Sales, meanwhile, have fallen, retreating from $1.22 billion in 2000 to $1.09 billion in 2002. Yet Loral had taken on its debt in expectation of increased orders during that period.
"Loral's principal challenge has been to overcome the effects of the prolonged economic downturn that led to the lack of satellite manufacturing orders across the industry and a slowdown in growth of fixed satellite services," Schwartz said.
The bankruptcy filing is the latest blow to Schwartz, whose $4 billion GlobalStar satellite-phone venture also filed for bankruptcy, back in February 2002. Loral had invested nearly $1.5 billion in the venture since Schwartz co-founded GlobalStar in 1994, most of which Loral was forced to write off.
Expectations for GlobalStar helped push Loral's share price above $300 at one point back in 1998.
Until the GlobalStar failure, Schwartz had compiled a highly successful career in the defense and communications industries.
Loral believes it has adequate cash on hand and free cash flow to support normal operations and continue customer support. Accordingly, management plans to eschew third-party debtor-in-possession financing for the moment, saying Loral instead "will evaluate its liquidity needs on an ongoing basis."
The company filed for Chapter 11 protection in the Southern District of New York."
Makes sense somewhat? ( I think so ) :
------------------
"The lattés news on TARBS is that they are planning to scrap there north America DTH satellite platform on G10R ,when i do not know some of the channels will go to Dish network
Another satellite serves bites the dust,,,,,,,"
--------------------
hehe ...makes sense though...
BTW here is something on Telstar(s) :
"Loral Space opts for bankruptcy filing
Company to sell six satellites, pay down debt, restructure
By Michael Baron, CBS.MarketWatch.com
Last Update: 1:18 PM ET July 15, 2003
NEW YORK (CBS.MW) -- Shares of Loral Space & Communications plunged Tuesday in third-market action after the troubled satellite maker filed for bankruptcy protection.
The stock, which closed Monday at $3.01, nose-dived 74 percent to 78 cents before the opening bell. Trading was halted on the New York Stock Exchange.
"We regret deeply the impact that a Chapter 11 filing will have on many of our stakeholders -- particularly our shareholders, who have been so patient and loyal during these turbulent times," Chief Executive Bernard Schwartz said in a statement.
Under a restructuring plan, Loral will sell six Telstar satellites -- four currently serving North America, and two scheduled for launch over the next 12 months -- to Intelsat Ltd. for up to $1 billion. Intelsat has also agreed to order a new satellite and to make a $100 million down payment.
Loral (LOR: news, chart, profile) said it will use the $1.1 billion in new cash to pay off its remaining $959 million in bank debt.
Afterward, the company plans to reorganize its business around its remaining fleet of five satellites and its satellite manufacturing operations. It hopes to reemerge within four to six months.
Loral has struggled the past few years under a heavy debt burden -- a problem exacerbated by a global economic downturn that dampened demand for satellites. The company has about $2.1 billion in long-term debt.
At the same time, competition for existing business has remained intense in an industry saddled with excess capacity. Worried by such trends, financial institutions have been unwilling to lend more money to companies like Loral and to fund new satellite projects.
Crash and burn
Sales, meanwhile, have fallen, retreating from $1.22 billion in 2000 to $1.09 billion in 2002. Yet Loral had taken on its debt in expectation of increased orders during that period.
"Loral's principal challenge has been to overcome the effects of the prolonged economic downturn that led to the lack of satellite manufacturing orders across the industry and a slowdown in growth of fixed satellite services," Schwartz said.
The bankruptcy filing is the latest blow to Schwartz, whose $4 billion GlobalStar satellite-phone venture also filed for bankruptcy, back in February 2002. Loral had invested nearly $1.5 billion in the venture since Schwartz co-founded GlobalStar in 1994, most of which Loral was forced to write off.
Expectations for GlobalStar helped push Loral's share price above $300 at one point back in 1998.
Until the GlobalStar failure, Schwartz had compiled a highly successful career in the defense and communications industries.
Loral believes it has adequate cash on hand and free cash flow to support normal operations and continue customer support. Accordingly, management plans to eschew third-party debtor-in-possession financing for the moment, saying Loral instead "will evaluate its liquidity needs on an ongoing basis."
The company filed for Chapter 11 protection in the Southern District of New York."