Loral receives another extension to solicitation period

By Ellen Chang

Houston, March 23 - Loral Space & Communications Ltd. received another extension to its exclusive solicitation period, this time to May 31 from March 31, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

In its motion requesting the additional time, Loral said it was working with its creditors' committee and the ad hoc committee of trade creditors to resolve their disputes. The company said, "although these discussion have taken longer than anticipated, the parties continue to make progress and the debtors are optimistic that these discussions can be brought to a successful conclusion shortly."

Loral filed a new plan of reorganization on Tuesday reflecting discussions with creditors.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.