Loral Rejects Offer From EchoStar
From Bloomberg News
Loral Space & Communications, a satellite maker that filed for Bankruptcy Court protection in July, said it had rejected a $1.85-billion purchase offer from EchoStar Communications Corp.
The offer by EchoStar, the second-largest U.S. satellite-television company, undervalues Loral’s assets, the New York-based company said.
Loral wants to keep its satellite services and manufacturing businesses and sell its North American satellites as part of its bankruptcy reorganization.
