Loral Space & Communications' solicitation exclusivity extended

By Caroline Salls

Pittsburgh, Aug. 12 - Loral Space & Communications Ltd. obtained an extension to its exclusive period to solicit votes on its plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive period was extended to Nov. 29 from Aug. 12.

Loral 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, 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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