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):
                                  May 29, 2003
                                  ------------


                        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.
        -------------

     At the Annual Meeting of Shareholders of Loral Space & Communications Ltd.
("Loral"), held on May 29, 2003, the Shareholders approved a proposal to amend
Loral's bye-laws to grant Loral's Board of Directors discretionary authority to
effect a reverse stock split at a ratio from one-for-five to one-for-twenty. On
June 4, 2003, the Board of Directors set a ratio of one-for-ten, resulting in a
new par value of $0.10 per share for Loral's common stock. The reverse stock
split will be effective after the close of business on Friday, June 13, 2003.
Loral's common stock will begin to trade on the New York Stock Exchange adjusted
for the reverse stock split on Monday, June 16, 2003.

     Shareholders also approved a proposal to increase the number of authorized
shares of common stock of Loral effective immediately from 750 million shares to
1.25 billion shares, before adjusting for the reverse stock split. After the
effect of the reverse stock split, authorized common stock outstanding will
total 125 million shares.

     As of May 30, 2003, there were 439.6 million shares of Loral common shares
outstanding. After the effect of the reverse stock split, Loral will have 43.96
million shares outstanding and 81.04 million shares available for future
issuance.


Item 7. Financial Statements, Pro Forma Financial
        -----------------------------------------
        Information and Exhibits.
        -------------------------

     (c) Exhibits.

Exhibit 99.1   Amended Bye-law 4(c) of the Bye-laws of Loral Space &
               Communications Ltd.




                                   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: June 5, 2003




                                  EXHIBIT INDEX
                                  -------------

Exhibit           Description
- -------           -----------

Exhibit 99.1      Amended Bye-law 4(c) of the Bye-laws of Loral Space &
                  Communications Ltd.

EX-99.1

                                                                    Exhibit 99.1


                                  Bye-law 4(c)
                                  ------------


     4.(c) The Board may be authorised by Resolution from time to time to
determine the ratio of a consolidation within a range specified by such
Resolution of all or any of the Company's common share capital into shares of
larger par value than its existing shares and granted the discretion to
implement such consolidation at any time prior to the Annual Meeting of
Shareholders immediately following the date of such Resolution. In exercising
its power under this provision, the Board shall also have the power set out in
Bye-law 43, in dealing with any difficulty which arises in regard to any
consolidation under this Bye-law 4(c).