HAMILTON: Intelsat Ltd yesterday announced that it has advanced to the next phase in its effort to acquire the North American satellite assets of Loral Space and Communications Corporation. Intelsat was also notified that it was the winner of the auction conducted by Loral under a bankruptcy court-supervised auction process.
Intelsat was named the stalking horse bidder for the sale of the assets under section 363(b) of the US Bankruptcy Code in connection with Loral’s 15 July 2003 filing for bankruptcy protection.
The sale process is scheduled to conclude this week, when the US Bankruptcy Court for the Southern District of New York is expected to approve the sale of the assets to Intelsat.