Loral rejects $1.85 billion bid from Echostar

By Carlise Newman

Chicago, Oct. 9 - Loral Space & Communication said it has turned down a $1.85 billion bid for the company's assets from EchoStar Communications Corp.

The company said its board of directors has reviewed a letter from EchoStar in which it indicated an interest in purchasing all of Loral's assets and has rejected the proposal.

On July 15, Loral reached an agreement to sell Intelsat its six North American satellites, including Telstar 4, for $1.1 billion.

Consistent with the bidding procedures approved by the bankruptcy court, Loral will evaluate any bids that it may receive for its North American satellites on or before Oct. 15, including one from EchoStar if it submits a bid for those assets

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