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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):
August 27, 2000
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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.
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Satelites Mexicanos, S.A. de C.V. ("Satmex") announced on August 30, 2000
that its Solidaridad 1 satellite has ceased operation and is now considered
irretrievably lost. The loss was caused by the failure of the back-up control
processor on board the satellite. Solidaridad 1, which was built by Hughes Space
and Communications and launched in 1994, experienced a failure of its primary
control processor in April 1999, and the satellite had been operating on its
back-up processor since that time.
Immediately following the failure of the back-up processor on Sunday,
August 27, 2000, Satmex began migrating Solidaridad 1's customers to other
Satmex satellites or to satellites operated by Loral Skynet, which, like Satmex,
is a member of the Loral Global Alliance. These alternative satellites have
sufficient capacity to provide for all Solidaridad 1 customers.
Solidaridad 1 was insured for U.S. $250 million, and Satmex intends to
apply the insurance proceeds towards the construction and launch of a
replacement satellite as well as for debt service.
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.
By: /s/ Avi Katz
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Name: Avi Katz
Title: Vice President and Secretary
Date: August 30, 2000
