Loral Space & Communications seeks extension to exclusive plan solicitation period

By Caroline Salls

Pittsburgh, July 28 - Loral Space & Communications Ltd. requested an extension to its exclusive period to solicit votes on its plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the exclusive period to Nov. 29 from Aug. 1.

The company said the extension is necessary to give it sufficient time to conclude the Chapter 11 cases now that the plan of reorganization has been confirmed and avoid the "significant harm" that would result if the plan does not become effective during the solicitation period.

The plan was confirmed on July 25.

Loral also obtained a bridge extension to the exclusive period Thursday because the final hearing on the extension will not be held until Aug. 12.

The bridge order extends the solicitation period until the court makes a final decision on the motion.

Loral, a New York-based satellite company, filed for bankruptcy on July 15, 2003. Its Chapter 11 case number is 03-41710.

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