July 15, 2003
Loral Space & Communications Ltd. announces agreement to sell its six North American telecommunications satellites to Intelsat, Ltd. for up to $1.1 billion in cash.
On July 15, Willkie client Loral Space & Communications Ltd. announced that it has reached a definitive agreement to sell its six North American telecommunications satellites to Intelsat, Ltd. for up to $1.1 billion in cash. In conjunction with and as a precondition to the sale, Loral and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In a press release, New York-based Loral announced its intention to “reorganize around its remaining fleet of five satellites and its satellite manufacturing operations, allowing the company to go forward as a viable enterprise with opportunities for future growth.” The July 16 Daily Deal reported that Willkie partners on the deal are Maurice Lefkort, Robert Hodes (of counsel), David Boston, William Hiller, Tonny Ho, Alan Lipkin, Steven Reisberg, Bruce Kraus and Francis Menton Jr. Additional Willkie attorneys on the deal inlude special counsel Claudia Cantarella and associates Stuart Rubin, Cindy Chernuchin, Wendy Perlmutter, Steven Szanzer, Christine Azzaro, Douglas Weir and Suzanne Sylvester.
