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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 28, 1999
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LORAL SPACE & COMMUNICATIONS LTD.
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(Exact name of registrant as specified in its charter)
Islands of Bermuda 1-14180 13-3867424
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number
c/o Loral SpaceCom Corporation
600 Third Avenue, New York, New York 10016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,including area code:
(212) 697-1105
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Item 5. Other Events.
On September 28, 1999, Loral Asia Pacific Satellite (HK) Limited
("Loral Orion HK"), a subsidiary of Loral Orion, Inc., closed the previously
announced transaction with APT Satellite Company Limited ("APT") pursuant to
which Loral Orion HK acquired all transponder capacity on the Apstar IIR
satellite (other than with respect to one C-band transponder) from APT via a
lease through the end of life of the satellite. Loral Orion HK will also have
the option to lease from APT replacement satellites upon the end of life of
Apstar IIR.
In connection with the closing, Loral Orion HK notified APT that it
will prepay on March 27, 2000 all then remaining installments of the purchase
price. As a result of this prepayment election by Loral Orion HK, the aggregate
amount of the purchase price was reduced from approximately $298 million to
approximately $273 million. Insurance proceeds from the Orion 3 launch failure
will be used to fund substantially all of such purchase price.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LORAL SPACE & COMMUNICATIONS LTD.
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(Registrant)
Date: October 13, 1999 By:/s/ Eric J. Zahler
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Eric J. Zahler
Senior Vice President, General
Counsel and Secretary
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