<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994.
Commission file number 1-4238
LORAL AEROSPACE SAVINGS PLAN
LORAL CORPORATION
600 Third Avenue
New York, New York 10016
<PAGE> 2
REQUIRED INFORMATION
The statements of net assets available for benefits as of December 31, 1994 and
1993 and the related statement of changes in net assets available for benefits
for the year ended December 31, 1994, together with the Report and Consent of
Independent Accountants, are attached and filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings
Committee has duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
LORAL AEROSPACE SAVINGS PLAN
----------------------------
(Plan)
Date: June 28, 1995 BY: /s/ STEPHEN L. JACKSON
----------------------------
Stephen L. Jackson
Member of Savings Committee
<PAGE> 3
LORAL AEROSPACE SAVINGS PLAN
TABLE OF CONTENTS
----------
<TABLE>
<CAPTION>
Page
----
<S> <C>
Report Of Independent Accountants 2
Financial Statements:
Statement Of Net Assets Available For Benefits With Fund
Information As of December 31, 1994 4
Statement Of Net Assets Available For Benefits With Fund
Information As of December 31, 1993 5
Statement Of Changes In Net Assets Available For Benefits
With Fund Information For The Year Ended December 31, 1994 6
Notes To Financial Statements 7
Supplemental Schedules:
Item 27a - Schedule Of Assets Held For Investment Purposes
As Of December 31, 1994 14
Item 27d - Schedule Of Reportable Transactions
For The Year Ended December 31, 1994 15
Exhibit:
Consent Of Independent Accountants 16
</TABLE>
-1-
<PAGE> 4
REPORT OF INDEPENDENT ACCOUNTANTS
--------
To the Savings Committee of
Loral Aerospace Corporation and Participants
of the Loral Aerospace Savings Plan
We have audited the accompanying statements of net assets available for benefits
of the Loral Aerospace Savings Plan (the "Plan") as of December 31, 1994 and
1993, and the related statement of changes in net assets available for benefits
for the year ended December 31, 1994. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1994 and 1993, and the changes in net assets available for benefits
for the year ended December 31, 1994, in conformity with generally accepted
accounting principles.
-2-
<PAGE> 5
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1) assets
held for investment purposes as of December 31, 1994, and (2) reportable
transactions for the year ended December 31, 1994, are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The Fund Information in the statements
of net assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for benefits and changes in net assets
available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Coopers & Lybrand L.L.P.
Newport Beach, California
June 27, 1995
-3-
<PAGE> 6
LORAL AEROSPACE SAVINGS PLAN
Statement Of Net Assets Available for Benefits with Fund Information
As of December 31, 1994
(In thousands)
<TABLE>
<CAPTION>
Participant Directed Non-Participant Directed
----------------------------------------------------- ------------------------
Loral Common Current Loral Ford
Stock Stock Interest Income Bond Stock Stock
Fund Fund Fund Fund Fund Fund Fund Total
----- ------ -------- ------ ---- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments $60,489 $104,745 $85,891 $123,532 $3,184 $69,519 $165,629 $612,989
Accrued investment income 8 297 2,199 1 2,505
Other receivables 764 1,142 439 17 2,362
Interfund receivable (payable) 1,956 2,558 404 (7,338) 578 2,248 (406)
-----------------------------------------------------------------------------------------
Total assets 62,445 108,075 87,734 118,393 4,202 71,767 165,240 617,856
Liabilities:
Other liabilities 7 18 923 8 15 971
-----------------------------------------------------------------------------------------
Net assets available for
benefits $62,438 $108,057 $86,811 $118,393 $4,202 $71,759 $165,225 $616,885
=========================================================================================
</TABLE>
See notes to financial statements.
-4-
<PAGE> 7
LORAL AEROSPACE SAVINGS PLAN
Statement Of Net Assets Available for Benefits with Fund Information
As of December 31, 1993
(In thousands)
<TABLE>
<CAPTION>
Participant Directed Non-Participant Directed
------------------------------------------------ ------------------------
Loral Common Current Loral Ford
Stock Stock Interest Income Stock Stock
Fund Fund Fund Fund Fund Fund Total
-------- ---------- -------- ------ ------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments $50,795 $101,725 $81,076 $114,797 $61,722 $213,763 $623,878
Accrued investment income 156 698 3 6 863
Other receivables (payables) 7 (845) (2) (25) (865)
Interfund receivable (payable) 1,129 436 (2,750) 1,522 1,372 (1,709)
----------------------------------------------------------------------------------------
Total assets 51,924 102,168 77,637 117,017 63,095 212,035 623,876
Liabilities:
Other liabilities 331 3,052 276 634 4,293
----------------------------------------------------------------------------------------
Net assets available for
benefits $51,593 $102,168 $74,585 $117,017 $62,819 $211,401 $619,583
========================================================================================
</TABLE>
See notes to financial statements.
-5-
<PAGE> 8
LORAL AEROSPACE SAVINGS PLAN
Statement Of Changes In Net Assets Available for Benefits With Fund Information
For The Year ended December 31, 1994
(In thousands)
<TABLE>
<CAPTION>
Participant Directed Non-Participant Directed
------------------------------------------------- -------------------------------
Loral Common Current Loral Ford
Stock Stock Interest Income Bond Stock Stock
Fund Fund Fund Fund Fund Fund Fund Total
----- ------ -------- ------ ---- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $12,139 $ 12,139
Participants $12,402 $13,079 $3,209 $7,369 $ 699 36,758
Investment income:
Dividends 849 1,018 $5,667 7,534
Interest 8,497 8,497
Net investment gain from
bank collective trust fund 570 3,416 177 4,163
Net investment gain (loss) from
registered investment company (198) (198)
Net appreciation (depreciation)
in fair value of investments 171 204 (27,069) (26,694)
Transfers from other plans 754 4,152 421 5,327
------------------------------------------------------------------------------------
Total additions 13,422 14,403 10,777 15,866 1,099 13,361 (21,402) 47,526
------------------------------------------------------------------------------------
Deductions:
Benefits paid to participants 4,436 7,193 4,519 14,076 149 4,593 15,080 50,046
Administrative expenses 3 12 144 14 1 3 1 178
Interfund transfers, net (1,862) 1,309 (6,112) 400 (3,253) (175) 9,693
------------------------------------------------------------------------------------
Total deductions 2,577 8,514 (1,449) 14,490 (3,103) 4,421 24,774 50,224
------------------------------------------------------------------------------------
Net increase (decrease) 10,845 5,889 12,226 1,376 4,202 8,940 (46,176) (2,698)
Net assets available for
benefits at December 31, 1993 51,593 102,168 74,585 117,017 62,819 211,401 619,583
------------------------------------------------------------------------------------
Net assets available for
benefits at December 31, 1994 $62,438 $108,057 $86,811 $118,393 $4,202 $71,759 $165,225 $616,885
=====================================================================================
</TABLE>
See notes to financial statements.
-6-
<PAGE> 9
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Plan Description:
General
The Loral Aerospace Savings Plan (the "Plan") was established by Loral
Aerospace Corporation ("LAC" or the "Corporation") effective January 1,
1991. LAC, a wholly-owned subsidiary of Loral Aerospace Holdings, Inc.
("LAH"), is the Plan sponsor. LAC and Space Systems/Loral ("SS/L"), a
majority-owned subsidiary of LAH, and any of their affiliated companies
are the "Participating Employers." LAH is a wholly-owned subsidiary of
Loral Corporation ("Loral").
The Plan is a defined contribution plan designed to provide eligible
employees with systematic savings and tax-advantaged long-term savings
for retirement. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). Regular, salaried
employees of a Participating Employer are eligible to participate in the
Plan on the first day of the month following the date of employment.
A complete description of the Plan's provisions is contained in the Plan
document.
Investment Options
Participants may direct their contributions in 10% increments in any of
five investment options:
Loral Stock Fund - Funds are invested in Loral Corporation Common
Stock and are reflected as participant directed in the accompanying
financial statements.
Common Stock Fund - Funds are invested in shares of bank collective
trust funds, which invest mainly in common stocks.
Current Interest Fund - Funds are invested in shares of a short-term
bank collective trust fund, which invests in high-quality, short-term
money market instruments.
Income Fund - Funds are invested in guaranteed investment contracts
with various insurance companies. A participant with an account
invested in an Income Fund contract is an unsecured creditor of the
insurance company that issued the contract. Certain limitations over
contributions, withdrawals and transfers to other investment funds are
defined in the contracts.
Bond Fund - Funds are invested in shares of a registered investment
company which invests primarily in corporate bonds. This Fund became
an investment election effective January 1, 1994.
A sixth fund, the Ford Stock Fund, is a carry-over fund resulting from
the transfer of assets from a prior plan. Contributions and reinvestment
of dividends into this fund are no longer permitted. Dividends received
on Ford Stock are invested in the Current Interest Fund.
Pending investment in the various funds, the Trustee may temporarily
invest part of the contributions in a short-term collective trust fund
with Comerica which earns interest at money market rates.
-7-
<PAGE> 10
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
As of December 31, 1994, there were approximately 12,700 participants in
the Plan, some of whom have elected to invest in more than one fund.
Participant Accounts
A participant's account is credited with (a) the participant's
contribution, (b) the employer's matching contribution and (c) an
allocation of Plan earnings, net of certain investment management fees.
Allocations are based on a participant's account balance as a percentage
of the sum of all participants' accounts.
Vesting and Forfeitures
Participants are immediately vested in their contributions plus actual
earnings thereon. Generally, participants vest 100% in employer
contributions plus actual earnings thereon after completion of five years
of service and, thereafter, vest immediately in all future employer
contributions. On termination of service due to death, disability, or
retirement, participants become fully vested. Non-vested employer
contributions are forfeited upon termination or withdrawal. These amounts
are used for certain Plan administrative expenses or to reduce future
employer contributions. Forfeitures for the year ended December 31, 1994
were $556,751, all of which were used to reduce employer contributions in
January and February, 1995.
Contributions
The Plan has both a Tax-Efficient Savings ("TES") and a Regular Savings
feature. Under the Plan, and subject to limits imposed by the Internal
Revenue Code ("IRC"), participants may elect a reduction in eligible
salary up to 15% with a corresponding TES contribution in the same amount
made to the Plan by the Corporation on their behalf. Such contributions
are excluded from the participant's taxable income. Subject to limits
imposed by the IRC, participants may also contribute up to 10% of their
base salaries to the Regular Savings feature of the Plan on an after-tax
basis.
Participants' contributions are matched at a rate of $.60 for each dollar
of TES and/or Regular Savings contributions, up to 6% of a participant's
base salary, unless a Participating Employer determines to make a lesser
contribution or no contribution. All employer matching contributions are
invested in Loral Stock and are reflected as non-participant directed in
the accompanying financial statements.
-8-
<PAGE> 11
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
Payment of Benefits
Upon termination, participants receive the vested portion of their
account balance as soon as practicable after termination. Terminated
participants who have an account balance in excess of $3,500 may elect to
leave their account balance in the Plan and withdraw it at any time up to
age 65.
Tax-efficient Savings Assets ("TES")
Assets in a participant's TES account may be withdrawn only for financial
hardship before termination of employment or before reaching age 59 1/2.
Financial hardship is determined pursuant to provisions of the IRC.
Generally, a 10% penalty will be imposed on certain withdrawals of
pre-tax assets made before the participant reaches age 59 1/2. After age
59 1/2, TES assets may be withdrawn in total or in part at any time.
Regular Savings Assets
Assets in a participant's Regular Savings account may be withdrawn in
total or in part at any time in accordance with the Plan provisions.
Employer Contributions
Participants may elect to withdraw from their employer contributions
account if they have vested. Withdrawals of Ford Stock and/or Loral Stock
in participants' Employer Contribution accounts are available at the end
of the two-year period following the year in which the Employer
Contributions were made, if they are vested.
Loans
The Plan permits active participants to borrow from assets in their TES
accounts that are not invested in the Income Fund. The minimum loan
amount is $1,000. The maximum loan permitted is the lesser of: (1)
$50,000 minus the highest outstanding loan balance during the last twelve
months, (2) 50% of the vested account balance, or (3) the assets in the
TES Account which are eligible for a loan. The amounts in (2) and (3) are
reduced by any loan balance outstanding. Participants may receive one
loan per year and can have up to four loans outstanding at any time. The
interest rate for the loan is the prime rate as defined in the Plan
document. This interest rate will remain the same for the term of the
loan. Interest rates range from 6% to 8.5%.
The term of a loan can be up to five years except for loans to purchase a
primary residence, which can have a term of 10 years. Loan repayment is
made through payroll deductions. Repayment of the entire balance is
permitted at any time. All loan repayments are made to the Current
Interest Fund.
2. Summary of Significant Accounting Policies:
Basis of Accounting
The financial statements of the Plan are prepared under the accrual
method of accounting.
-9-
<PAGE> 12
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value except for its guaranteed
investment contracts in the Income Fund, which are valued at contract
value.
Investments in the Loral Stock Fund and the Ford Stock Fund are valued at
their quoted market prices on the last business day of the year.
Shares of collective trust funds and registered investment company funds
are valued at quoted market prices which represent the net asset value of
shares held by the Plan at year-end. Loans receivable from participants
are valued at cost which approximates fair value. Guaranteed investment
contracts with various insurance companies are stated at contract value
as reported by the insurance companies. Contract value represents
contributions made under the contract, plus earnings at the contract
rate, less withdrawals and expenses.
The Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of its
investments which consists of the realized gains or losses and the
unrealized appreciation (depreciation) on those investments.
Investment transactions are accounted for on a trade date basis. Dividend
income is recorded on the ex-dividend date. Interest income is accrued as
earned.
Payment of Benefits
Benefits are recorded when paid. Amounts allocated to withdrawing
participants as of December 31, 1994 and 1993 of approximately $5,986,000
and $3,789,000, respectively, were paid in 1995 and 1994, respectively.
These payments are reported as liabilities on Form 5500 as of December
31, 1994 and 1993.
Reclassifications
Certain reclassifications have been made to the 1993 financial statement
presentation to conform to the 1994 presentation.
-10-
<PAGE> 13
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
3. Investments:
Plan investments at December 31, 1994 were as follows (dollars in
thousands):
<TABLE>
<CAPTION>
Face Amount Fair/Contract
or Shares/Units Value Cost
--------------- ------------- ----
<S> <C> <C> <C>
Loral Stock Fund**:
Loral Corporation Common Stock 3,432,529 $130,007* $ 82,663
Comerica Short-Term Investment Fund 700 1 1
--------
130,008
--------
Common Stock Fund:
Comerica MediumCap Index Fund 108,339 13,336 11,145
Comerica 500 Index Fund 487,986 90,069* 67,423
Comerica Short-Term Investment Fund 1,339,888 1,340 1,340
-------
104,745
-------
Income Fund:
Guaranteed Investment Contracts:
Protective Life Insurance
Company 8.80%, maturing
January 1, 1995 $37,719 37,719* 37,719
Prudential Asset Management
Group 7.02%, maturing
January 1, 1996 $42,186 42,186* 42,186
John Hancock Mutual Life
Insurance Company 6.07%,
maturing December 31, 1996 $31,537 31,537* 31,537
Commonwealth Life
Insurance Company 5.47%,
maturing January 1, 1997 $12,090 12,090 12,090
-------
123,532
-------
Current Interest Fund:
Comerica Short-Term Investment Fund 66,853,867 66,854* 66,854
Participant Loans $19,037 19,037 19,037
-------
85,891
-------
Bond Fund:
Fidelity Intermediate Bond Fund 311,310 3,060 3,259
Comerica Short-Term Investment Fund 124,409 124 124
-------
3,184
-------
Ford Stock Fund:
Ford Motor Company Common Stock 5,940,696 165,597* 66,431
Comerica Short-Term Investment Fund 31,938 32 32
--------
165,629
--------
Total Investments $612,989
========
</TABLE>
*Represents greater than 5% of net assets available for benefits.
**Includes both participant directed and non-participant directed amounts.
-11-
<PAGE> 14
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
Plan investments at December 31, 1993 were as follows (dollars in
thousands):
<TABLE>
<CAPTION>
Face Amount Fair/Contract
or Shares/Units Value Cost
--------------- ------------- ----
<S> <C> <C> <C>
Loral Stock Fund**:
Loral Corporation Common Stock 2,980,859 $112,123* $ 63,484
Comerica Short-Term Investment Fund 394,344 394 394
--------
112,517
--------
Common Stock Fund:
Comerica MediumCap Index Fund 107,661 13,737 11,054
Comerica 500 Index Fund 483,097 87,988* 66,504
--------
101,725
--------
Income Fund:
Guaranteed Investment Contracts:
John Hancock Mutual Life
Insurance Company 6.07%,
maturing December 31, 1993 $31,488 31,488* 31,488
Protective Life Insurance
Company 8.80%, maturing
December 31, 1994 $38,073 38,073* 38,073
Prudential Asset Management
Group 7.02%, maturing
December 31, 1995 $44,684 44,684* 44,684
Comerica Short-Term Investment Fund 552,108 552 552
--------
114,797
--------
Current Interest Fund:
Comerica Short-Term Investment Fund 62,758,093 62,758* 62,758
Participant Loans $18,318 18,318 18,318
--------
81,076
--------
Ford Stock Fund:
Ford Motor Company Common Stock 3,314,081 213,758* 74,120
Comerica Short-Term Investment Fund 5,249 5 5
--------
213,763
--------
Total Investments $623,878
========
</TABLE>
*Represents greater than 5% of net assets available for benefits.
**Includes both participant directed and non-participant directed amounts.
-12-
<PAGE> 15
LORAL AEROSPACE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
4. Plan Termination:
Although the Participating Employers have not expressed an intent to do
so, the Participating Employers can discontinue their contributions at
any time and terminate the Plan subject to the provisions of ERISA. In
the event of a discontinuance and/or termination of the Plan,
participants will become 100% vested and the net assets of the Plan will
be allocated among the participants and their beneficiaries in accordance
with the provisions of ERISA.
5. Tax Status:
The Plan filed an application with the Internal Revenue Service on March
31, 1995 seeking a determination that the Plan is designed in accordance
with applicable sections of the IRC and is, therefore, exempt from
Federal income taxes. The Plan Administrator believes that the Plan is
a qualified plan under the IRC.
Based upon present applicable laws and regulations, participants will not
be subject to Federal income tax on the TES contributions or Employer
Contributions made on their behalf or on the earnings credited to their
account until such time as they are withdrawn.
6. Administrative Expenses:
Most administrative expenses are paid by the Plan. The Plan permits the
Participating Employers to use forfeitures from participants' non-vested
accounts to pay certain administrative expenses, to the extent not paid
by the Corporation.
7. Concentration Of Credit Risk:
Approximately 28% of the Plan's assets are invested in collective trust
funds with Comerica Bank.
8. Change in Trustee:
Effective March 31, 1995, the Trustee was changed from Comerica Bank to
Fidelity Management Trust Company, and all funds were invested in similar
investment vehicles with Fidelity.
9. Plan Mergers:
Effective December 31, 1994, the Loral Aerospace Hourly Savings Plan and
the Loral Quintron 401(k) Plan were merged into the Plan.
-13-
<PAGE> 16
LORAL AEROSPACE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As Of December 31, 1994
(In Thousands)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
(a) (b) Identity of issue, (c) Description of investment including maturity (d) Cost (e) Current/
borrower,lessor or date, rate of interest, collateral, par or contract
similar party maturity value value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
* Loral Corporation Common stock, 3,432,529 shares $82,663 $130,007
Ford Motor Company Common stock, 5,940,696 shares 66,431 165,597
* Comerica Bank MediumCap Index Fund 11,145 13,336
500 Index Fund 67,423 90,069
Short-Term Investment Fund 68,351 68,351
Fidelity Commonwealth Intermediate Bond Fund 3,259 3,060
Protective Life Insurance Company Guaranteed investment contract, 8.8%,
maturing January 1, 1995 37,719 37,719
Prudential Asset Management Group Guaranteed investment contract, 7.02%, 42,186 42,186
maturing January 1, 1996
John Hancock Mutual Life Insurance Guaranteed investment contract, 6.07%, 31,537 31,537
Company maturing December 31, 1996
Commonwealth Life Insurance Company Guaranteed investment contract, 5.47%, 12,090 12,090
maturing January 1, 1997
* Participant loans Interest rates ranging from 6% to 8.5% 19,037
--------
$612,989
========
</TABLE>
*party-in-interest
-14-
<PAGE> 17
LORAL AEROSPACE SAVINGS PLAN
SCHEDULE II - ITEM 27d - SCHEDULE OF REPORTABLE
TRANSACTIONS
For The Year Ended December 31, 1994
(In Thousands)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
(a) Identity of (b) Description of asset (c) Purchase (d) Selling (e) Lease (f) Expense
party (include interest rate price price rental incurred
involved and maturity in cash with
case of loan) transac-
tion
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
* Comerica Bank Short-term Investment Fund $115,888
$111,247
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------
(a) Identity of (g) Cost of (h) Current (i) Net gain
party asset value of or (loss)
involved asset on
transac-
tion date
- --------------------------------------------------------------
<S> <C> <C>
* Comerica Bank $115,888 $115,888
111,247 111,247
</TABLE>
* party-in-interest
-15-
<PAGE> 18
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
Loral Corporation on Form S-8 (File No. 33-37829) of our report dated June 27,
1995, on our audits of the financial statements of Loral Aerospace Savings Plan
as of December 31, 1994 and 1993, and for the year ended December 31, 1994,
which report is included in this Annual Report on Form 11-K.
Coopers & Lybrand L.L.P.
Newport Beach, California
June 27, 1995
-16-
