Intelsat Wins Auction for Loral's North American Satellites

Intelsat was the highest bidder in an auction for Loral's North American telecommunications satellites. The winning bid was $1.1 billion. The other bidder at the auction was EchoStar Communications Corporation. The deal covers the sale of the in-orbit Telstars 4, 5, 6, 7 and 13, as well as Telstar 8, which is scheduled to be launched in the first half of next year. Intelsat's bid is subject to approval by the U.S. Bankruptcy Court and a hearing is scheduled for 22-Oct-03.
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