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twitterLoral files for bankruptcy
Tuesday, July 15, 2003 | 9:43 a.m.
NEW YORK -- Satellite maker Loral Space & Communications Ltd. filed for Chapter 11 bankruptcy protection today, revealing more trouble in an industry burdened with too much capacity. As part of the maneuver, Loral agreed to sell its six North American satellites to Intelsat Ltd. for up to $1.1 billion. New York-based Loral said it will reorganize around its remaining network of five satellites and its satellite manufacturing operations.
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