Loral Provides Update on Strategic Alternatives; Focuses on Potential Spin-off of SS/L
Loral Space & Communications Inc. (Nasdaq: LORL) today provided an update on the previously announced initiatives to explore strategic alternatives for Telesat and Space Systems/Loral.
In 2010, Telesat initiated a process to explore strategic alternatives. Among other initiatives, potential purchasers participated in a process to explore a potential acquisition of all or a portion of the shareholders' interests in Telesat.
The process resulted in several acquisition offers; however, none of these offers was deemed to be acceptable, and, as a result, discussions with the potential purchasers were terminated. Telesat and its shareholders are continuing to explore additional alternatives for Telesat, including potential recapitalization transactions.
After having evaluated various strategic alternatives for its non-Telesat assets, Loral is now focusing primarily on a potential spin-off of SS/L, Loral's satellite manufacturing subsidiary.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.