SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 3, 2003
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LORAL SPACE & COMMUNICATIONS LTD.
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(Exact name of registrant as specified in its charter)
Islands of Bermuda 1-14180 13-3867424
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number
c/o Loral SpaceCom Corporation
600 Third Avenue, New York, New York 10016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 697-1105
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On July 15, 2003, Loral Space & Communications Ltd. and certain of its
subsidiaries filed voluntary petitions for reorganization under Chapter 11 of
Title 11 of the United States Code in the United States District Court for the
Southern District of New York and parallel insolvency proceedings in the Supreme
Court of Bermuda in which certain partners of KPMG were appointed as joint
provisional liquidators.
Item 5. Other Events and Required FD Disclosure.
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On December 3, 2003, the SpainSat satellite, under construction by Space
Systems/Loral, Inc. ("SS/L") for a Spanish customer, was accidentally damaged
during preparation for transit from a testing facility in Kent, Washington back
to SS/L's facility in Palo Alto, California. The Kent facility is owned by The
Boeing Company and used for thermal vacuum testing when SS/L's own thermal
vacuum facility is unavailable. SS/L is currently investigating the cause of the
accident and assessing the extent of the damage to the satellite and the effect
on the satellite's scheduled delivery date. A delay in the satellite's delivery
may give rise to penalty payments and termination rights under the satellite
construction contract. SS/L believes that the costs to repair the satellite will
be covered by insurance.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Loral Space & Communications Ltd.
By: /s/ Avi Katz
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Name: Avi Katz
Title: Vice President, Secretary
and General Counsel
Date: December 11, 2003