Loral obtains temporary extension on exclusive period

By Jeff Pines

Washington, March 3 - Loral Space & Communications Ltd.'s exclusive period will be temporarily extended until March 16 when the court will hold a hearing on a further extension, according to a court order dated March 2.

The current exclusive period was to have ended March 12.

The company is requesting another 120-day extension period that would take it into July to submit its reorganization plan.

Loral filed for bankruptcy with the U.S. Bankruptcy Court for the District of Southern New York on July 15, 2003. It filed for bankruptcy citing overcapacity in satellites, which meant fewer satellite orders for the New York-based satellite maker.

The company's Chapter 11 case number is 03-41710.

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