<PAGE>
                                                                  Rule 424(b)(3)
                                                      Registration No. 333-26517

                        LORAL SPACE & COMMUNICATIONS LTD.

               PROSPECTUS SUPPLEMENT NO. 10 DATED AUGUST 26, 1998
                        TO PROSPECTUS DATED JULY 11, 1997

         The Selling  Holders  table on pages 7-10 of the  Prospectus  is hereby
amended to update the  information  regarding the  following  entities and their
respective number of shares of Preferred Stock and Common Stock:
<TABLE>
<CAPTION>

                                                                               Number of Shares    Number of Shares
                                                                              of Preferred Stock   of Common Stock

Selling Holders
<S>                                                                                   <C>                 <C>   
D.E. Shaw Securities, L.P.                                                            18,700              46,750
D.E. Shaw Investments, L.P.                                                            6,300              15,750
</TABLE>



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