-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FJ7zHnYMVxDPHTaWm2VKzvvL3TO6aOfCNgm3s193D0x4OptbTOU+8WaJ8HCqs62b 93NysCImmfKMaW9wmDk6yQ== 0000899140-01-000034.txt : 20010123 0000899140-01-000034.hdr.sgml : 20010123 ACCESSION NUMBER: 0000899140-01-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010104 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORAL SPACE & COMMUNICATIONS LTD CENTRAL INDEX KEY: 0001006269 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 133867424 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14180 FILM NUMBER: 1512295 BUSINESS ADDRESS: STREET 1: 600 THIRD AVE STREET 2: C/O LORAL SPACECOM CORP CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126971105 MAIL ADDRESS: STREET 1: 600 THIRD AVE STREET 2: C/O LORAL SPACECOM CORP CITY: NEW YORK STATE: NY ZIP: 10016 8-K 1 0001.txt CURRENT REPORT ON FORM 8-K 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): January 4, 2001 ----------------- LORAL SPACE & COMMUNICATIONS LTD. --------------------------------- (Exact name of registrant as specified in its charter) Islands of Bermuda 1-14180 13-3867424 - -------------------------------------------------------------------------------- (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 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 697-1105 --------------------------------------------------- Item 5. Other Events. ------------- On January 16, 2001, the company provided certain information regarding the actions that were announced by Globalstar, L.P., its mobile satellite telephone affiliate. The press release of the registrant dated January 16, 2001, a copy of which is attached hereto as Exhibit 99.1, is hereby incorporated by reference. In addition, with regard to the export by Space Systems/Loral, Inc. ("SS/L") of ChinaSat-8 to China for launch on a Long March launch vehicle, after the licenses that SS/L had previously obtained from the Commerce Department for export of the satellite expired in March 2000, SS/L applied for new export licenses from the State Department to which jurisdiction for satellite licensing was transferred in March 1999. On January 4, 2001, the Office of Defense Trade Controls ("ODTC") of the State Department, while not rejecting these license applications, notified SS/L that they were being returned without action. SS/L and the State Department are now in discussions regarding SS/L's obtaining the approvals required for the launch. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------ (c) Exhibits. Exhibit 99.1 Press Release of Loral Space & Communications Ltd. dated January 16, 2001 -2- 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 ------------------------------ Name: Avi Katz Title: Vice President and Secretary Date: January 22, 2001 -3- EXHIBIT INDEX ------------- Exhibit Description - ------- ----------- Exhibit 99.1 Press Release of Loral Space & Communications Ltd. dated January 16, 2001 EX-99.1 2 0002.txt PRESS RELEASE Loral Space & Communications Ltd. 600 Third Avenue New York, NY 10016 FOR IMMEDIATE RELEASE NEWS Contact: Jeanette Clonan (212) 697-1105 LORAL COMMENTS ON GLOBALSTAR ACTIONS NEW YORK, January 16, 2001 - Loral Space & Communications Ltd. (NYSE: LOR) provided the following comments and information concerning the actions that were announced today by Globalstar, its mobile satellite telephone affiliate. Bernard L. Schwartz, chairman and CEO of Loral, stated, "The Globalstar system delivers highly valuable services, and Globalstar's actions will provide it with the additional time it needs to expand its customer base, develop new applications and demonstrate its viability. Further, Globalstar's service provider partners have reaffirmed their confidence in Globalstar's business and technology, as well as their commitment to maintain and expand operations in their own territories." The actions that Globalstar announced today relieve its partners, including Loral, of any necessity to provide additional funding to Globalstar this year. Loral will continue to support its joint participation in service provider franchises in Brazil, Canada, Mexico and Russia. "Consistent with our November guidance," Mr. Schwartz continued, "Loral ended 2000 with cash and available credit in excess of $440 million. Although Globalstar's actions will reduce Loral's 2001 cash receipts from Globalstar by $140 million, we will continue our current investment programs, including funding the construction of three satellites due to be launched in 2002." Loral intends to write down its Globalstar investment, including common and preferred equity, and debt, reducing it to an appropriate value in a one-time non-cash charge in the fourth quarter of 2000. As of December 31, 2000, Loral's direct and indirect investment in connection with Globalstar's activities totaled about $1.3 billion, which includes about 39 percent of Globalstar's equity and about 27 percent of its debt. Loral Space & Communications is a high technology company that concentrates primarily on satellite manufacturing and satellite-based services, including transponder leasing and value-added services, domestic and international corporate data networks, global wireless telephony, broadband data transmission and content services, Internet services, and international direct-to-home satellite services. For more information, visit Loral's web site at www.loral.com. # # # This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Loral Space & Communications Ltd. or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. These factors and conditions have been described in the section of the company's annual report on Form 10-K for the fiscal year ended December 31, 1999, entitled "Certain Factors That May Affect Future Results." In addition, these factors and conditions have been described with particular regard to the company's interest in Globalstar, L.P. ("Globalstar") and Globalstar Telecommunications Limited ("GTL"), in the section of the annual report on Form 10-K of Globalstar and GTL for the fiscal year ended December 31, 1999, entitled "Certain Factors That May Affect Future Results." With regard to forward-looking statements concerning Loral CyberStar, Inc. and its business, financial condition, results of operations and prospects, the factors and conditions which could materially affect these statements are described in the section of Loral CyberStar's annual report on Form 10-K for the fiscal year ended December 31, 1999, entitled "Certain Factors That May Affect Future Results." The reader is specifically referred to these documents regarding the factors and conditions that may affect future results. We undertake no obligation to update any forward-looking statement. -----END PRIVACY-ENHANCED MESSAGE-----