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):
                               September 24, 2004
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                        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
                                 --------------




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 7.01. Regulation FD Disclosure

     On September 24, 2004, Loral Space & Communications Ltd. ("Loral" or the
"Company") filed its monthly consolidated operating report for the period of
July 24, 2004 through August 20, 2004 (the "Operating Report") with the U.S.
Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court").
Copies of the Operating Report may be obtained from the Bankruptcy Court's
website located at http://www.nysb.uscourts.gov.

     Limitation on Incorporation by Reference

     In accordance with General Instruction B.2 of Form 8-K, the information in
this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise
subject to the liabilities of that section, nor shall such information be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in such a
filing. The information set forth in this Item 7.01 will not be deemed an
admission as to the materiality of any information required to be disclosed
solely to satisfy the requirements of Regulation FD.

     Cautionary Statement Regarding Financial and Operating Data

     The Operating Report contains financial statements and other financial
information that have not been audited or reviewed by independent accountants
and may be subject to future reconciliation and adjustments. The Operating
Report is in a format prescribed by applicable bankruptcy laws and should not be
used for investment purposes. The Operating Report contains information for
periods different from those required in the Company's reports pursuant to the
Exchange Act, and that information might not be indicative of the Company's
financial condition or


                                       2




operating results for the period that would be reflected in the Company's
financial statements or in its reports pursuant to the Exchange Act. Results set
forth in the Operating Report should not be viewed as indicative of future
results.


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                                   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/ Janet Yeung
                                            ------------------------------
                                        Name:  Janet Yeung
                                        Title: Vice President and Assistant
                                               Secretary


Date: September 27, 2004