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):
                                 March 17, 2004



                        LORAL SPACE & COMMUNICATIONS LTD.
                        ---------------------------------
             (Exact name of registrant as specified in its charter)



     Islands of Bermuda               1-14180                   13-3867424
(State or other jurisdiction       (Commission File           (IRS Employer
      of incorporation)                 Number)           Identification 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





     On July 15, 2003, Loral Space & Communications Ltd. and certain of its
subsidiaries filed voluntary petitions for reorganization under Chapter 11 of
Title 11 of the United States Code in the United States District Court for the
Southern District of New York and parallel insolvency proceedings in the Supreme
Court of Bermuda in which certain partners of KPMG were appointed as joint
provisional liquidators.

Item 9. Regulation FD Disclosure
        ------------------------

     On March 17, 2004 Loral Space & Communications Ltd., a Bermuda company (the
"Registrant"), announced that it has completed its previously announced
transactions with Intelsat, Ltd. and Intelsat (Bermuda), Ltd. for the sale of
the Registrant's North American satellite fleet and related assets.

     A copy of the press release issued by the Registrant on March 17, 2004 is
included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
in this Item 9 by reference.

     The information of this Item 9 to this Current Report on Form 8-K,
including the exhibit, is furnished pursuant to Item 9 and shall not be deemed
to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended or otherwise subject to the liabilities of that Section.

Item 7. Exhibits
        --------

(c)  99.1 Press release date March 17, 2004.





                                    SIGNATURE

     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 thereunto duly authorized.

Date:  March 18, 2004                   LORAL SPACE & COMMUNICATIONS LTD.
                                        (Registrant)

                                        By:  /s/ Janet T. Yeung
                                             -----------------------------------
                                             Janet T. Yeung
                                             Vice President and Assistant
                                             Secretary





                                  EXHIBIT INDEX

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

            99.1                   Press Release dated March 17, 2004.

EX-99.1

[LORAL SPACE & COMMUNICATIONS LOGO]
- --------------------------------------------------------------------------------
     600 Third Avenue
   New York, NY 10016

FOR IMMEDIATE RELEASE                                         NEWS


                                                        Contact: Jeanette Clonan
                                                                 John McCarthy
                                                                 (212) 697-1105

                        LORAL COMPLETES SALE TO INTELSAT
                          OF NORTH AMERICAN SATELLITES

 $1.027 Billion in Proceeds Will Be Used to Pay Entire Secured Bank Debt at Par;
               Major Milestone on Path to Reorganization Achieved

NEW YORK - March 17, 2004 - Loral Space & Communications (OTCBB: LRLSQ) today
announced that it has completed its previously announced transactions with
Intelsat yielding $1.027 billion, consisting of $977 million for Loral's North
American fleet and related assets, after adjustments, and a $50 million deposit
for the construction of a new Intelsat satellite to be built by Loral's
manufacturing unit, Space Systems/Loral (SS/L), of Palo Alto, Calif. The
completion of the Intelsat transactions represents the achievement of a major
milestone in Loral's plan for reorganization under chapter 11.

Proceeds from the transaction will be used to pay in full Loral's $967 million
of outstanding secured bank debt, nearly half of the company's total of $2.0
billion in principal debt obligations.

Announced in July, the agreement with Intelsat provides for the sale of the
in-orbit Telstar satellites 5, 6, 7 and 13, as well as Telstar 8, which is
scheduled to be launched in the third quarter of 2004. The agreement also
includes rights to the 77 degrees West longitude orbital slot, formerly occupied
by Telstar 4.

Loral intends to reorganize around its remaining satellite services fleet and
manufacturing business. Loral Skynet's satellite services fleet currently
comprises four international satellites, with an additional satellite, Telstar
18, scheduled for launch in mid-2004. SS/L received orders in late 2003 for the
construction of four new satellites - one each for Intelsat and PanAmSat
Corporation and two for DIRECTV, Inc. As of December 31, 2003, Loral's external
backlog for its remaining businesses totaled approximately $1.2 billion
excluding approximately $240 million associated with the new manufacturing
orders that were booked in the first quarter of 2004.

Loral Space & Communications is a satellite communications company. It owns and
operates a fleet of telecommunications satellites used to broadcast video
entertainment programming, and for broadband data transmission, Internet
services and other value-added communications services. Loral also is a
world-class leader in the design and manufacture of satellites and satellite
systems for commercial and government applications including direct-to-home
television, broadband communications, wireless telephony,


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weather monitoring and air traffic management. 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, Loral Space & Communications Ltd.
or its representatives have made or may make forward-looking statements, orally
or in writing, which 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 include those related to the filing, on
July 15, 2003 by Loral and certain of its subsidiaries, of voluntary petitions
for reorganization under chapter 11 of title 11 of the United States Code in the
United States District Court for the Southern District of New York and parallel
insolvency proceedings in the Supreme Court of Bermuda in which certain partners
of KPMG were appointed as joint provisional liquidators. Additional factors and
conditions are also described in the section of the company's annual report on
Form 10-K for the fiscal year ended December 31, 2003, entitled "Commitments and
Contingencies," and the company's other filings with the Securities and Exchange
Commission. The reader is specifically referred to these documents.


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