Loral gets exclusivity extension to solicit votes

By Caroline Salls

Pittsburgh, June 1 - Loral Space & Communications Ltd. obtained another extension to its exclusive period to solicit acceptances on its third amended plan of reorganization, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The exclusive solicitation period was extended to Aug. 1 from May 31.

"The third amended plan and the third amended disclosure statement represent the culmination of the efforts of [Loral], the creditors' committee and the trade creditors to resolve a multitude of issues and arrive at a consensual plan," Loral said in its motion.

"Absent a further extension of the solicitation period, the vast amount of time, energy and resources that have been expended by all parties throughout the plan negotiation process will have been wasted."

Loral filed its third amended plan of reorganization on March 22.

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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