District court rules Loral will get an examiner to investigate company's valuation

By Jeff Pines

Washington, Jan. 5 - The U.S. District Court for the Southern District of New York ruled that Loral Space & Communications Ltd. will get an examiner to investigate how the company valued itself, "particularly the space-based assets," for its reorganization plan.

The Loral Stockholders Protective Committee appealed a U.S. Bankruptcy Court ruling denying its request for an examiner.

The committee, composed of shareholders holding about an 8.8% stake in the New York-based satellite company, believes Loral undervalued itself for reorganization leaving shareholders with nothing. It filed the appeal in August.

Loral filed for bankruptcy on July 15, 2003. Its Chapter 11 case number is 03-41710.

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