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By Ted Shelsby and Ted Shelsby,Staff Writer | December 14, 1993
Loral Corp. announced yesterday that it has signed a definitive agreement to acquire the Bethesda-based Federal Systems Co. division of International Business Machines Corp. for $1.575 billion.The announcement ends nearly nine months of speculation over the future of the computer company's Bethesda-based defense arm, but leaves 11,000 workers, including about 3,500 in Montgomery County, wondering about their future.The proposed acquisition also set off warning lights at Wall Street credit rating groups and had the head of the Federal Aviation Administration (FAA)
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BUSINESS
By NEW YORK TIMES NEWS SERVICE | July 16, 2003
Weakened by a long slump in new orders, two large companies that manufacture satellites, Loral Space and Communications Ltd. and Boeing Co., released bitter financial news yesterday. Loral filed for Chapter 11 bankruptcy protection, and Boeing said it would take a $1.1 billion charge against earnings in the second quarter. As part of its bankruptcy reorganization, Loral plans to sell its most profitable business, a fleet of six communications satellites orbiting over North America, to Intelsat Ltd. for up to $1.1 billion in cash.
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BUSINESS
April 4, 1997
Lockheed Martin Corp. has made final a $525 million deal to spin off 10 business units into an independent communications technology company, the Bethesda defense contractor said yesterday.The new enterprise, L-3 Communications Holdings Inc., is being created from former components of Loral Corp., which Lockheed Martin purchased last year.Yesterday's announcement completed a transaction first disclosed in February.Lehman Bros. Capital Partners III LP, a merchant banking partnership affiliated with Lehman Bros.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | September 4, 1999
In a filing to federal regulators yesterday, Lockheed Martin Corp. revealed a potential hitch in its plan to acquire Bethesda neighbor Comsat Corp.The trouble centers on Lockheed Martin's relationship with Loral Space & Communications Ltd., in which it holds a 14 percent stake.To allay antitrust concerns about its ownership of shares of two satellite communications companies, Lockheed was willing to enter a consent order on the terms of its sale of its Loral shares.However, Lockheed said its entry into such a consent order was contingent on getting assurances from Loral on the conditions of the divestiture.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer The New York Times News Service contributed to this article | August 12, 1992
The battle over LTV Corp.'s missile and aircraft divisions escalated yesterday when a group headed by Loral Corp. raised its bid for the units and the Carlyle Group filed a $150 million lawsuit against Martin Marietta Corp. for allegedly tampering with its earlier offer.Loral, which has teamed with Northrop Corp. and Carlyle in an attempt to buy the two LTV units, raised the price of an offer made last week by $30 million, to $475 million.The new Loral-Carlyle-Northrop offer includes $450 million in cash, $54 million more than Martin Marietta's offer, and $25 million in preferred stock.
BUSINESS
By New York Times News Service | July 24, 1992
DALLAS -- Loral Corp., a leading military electronics concern, said yesterday that it had agreed to join with Thomson CSF of France in a radically altered bid by Thomson to acquire themissile unit of LTV Corp. for a combined $250 million.Thomson withdrew its $300 million offer for the missile unit earlier this month after the Bush administration indicated it would reject the bid because of worries that the French government, a majority owner of Thomson, might obtain U.S. military secrets.
BUSINESS
By BLOOMBERG BUSINESS NEWS | March 29, 1996
BRUSSELS, Belgium -- The European Commission said yesterday that it gave its approval, as expected, for Lockheed Martin Corp.'s $9.1 billion acquisition of most of New York-based Loral Corp.The commission has reserved its position on the link between Lockheed Martin and Loral Space and Communications Ltd. -- which Lockheed plans to spin off as a separately traded entity -- because of stockholding and licensing links between the companies.The commission, executive arm of the European Union, said that according to Lockheed Martin, "the spin-off is not part of the concentration notified or a separately notifiable concentration."
BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | January 9, 1996
The Loral Corp. of 1996 is one of the bluest of blue-chip companies, but 24 years ago the New York-based defense contractor was on the skids.The company founded in 1948 by William Lorenz and Leon Alpert -- the 'Lor' and 'Al' in Loral) -- had turned itself into a classic conglomerate -- making everything from copper wire to industrial meters to toys.And like most conglomerates of that era, Loral went too far. After a series of unwise acquisitions, Loral in the early 1970s fell into default on its loans and was on the brink of being kicked off the New York Stock Exchange.
BUSINESS
By BLOOMBERG BUSINESS NEWS | January 26, 1996
WASHINGTON -- The New York Stock Exchange has asked Lockheed Martin Corp. for information on trading in the company's common stock preceding the announcement that it would buy Loral Corp.In a filing late yesterday with the Securities and Exchange Commission, Lockheed said the stock exchange asked the Bethesda-based aerospace and defense company for the information Friday."Lockheed Martin received a written inquiry from the New York Stock Exchange in connection with the NYSE's regularly conducted review of market activity surrounding significant corporate announcements," the company said in a Schedule 14D-1 amendment filing.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | July 16, 2003
Weakened by a long slump in new orders, two large companies that manufacture satellites, Loral Space and Communications Ltd. and Boeing Co., released bitter financial news yesterday. Loral filed for Chapter 11 bankruptcy protection, and Boeing said it would take a $1.1 billion charge against earnings in the second quarter. As part of its bankruptcy reorganization, Loral plans to sell its most profitable business, a fleet of six communications satellites orbiting over North America, to Intelsat Ltd. for up to $1.1 billion in cash.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | August 12, 1998
Faced with a flat defense market and thwarted in its most recent attempt to grow by merger, Lockheed Martin Corp. said yesterday that it is forming a subsidiary to tap into the bustling commercial telecommunications services field.Lockheed Martin Global Telecommunications, the subsidiary, announced its first venture, a partnership with General Electric Co. for a satellite network serving markets in Asia.Long a builder and launcher of satellites, Lockheed Martin has concluded that the real money is in owning the spacecraft and leasing its services.
NEWS
By David Friedman | July 1, 1998
SENSATIONAL charges that U.S. lobbyists and Chinese campaign contributions lulled the Clinton administration into unwittingly giving China access to critical missile technology obscure real security challenges facing the United States.While Washington bickers over which political party was least irresponsible in approving satellite launches on Chinese rockets (Republican administrations allowed nine, Democratic 11), U.S. leaders should focus on far more serious threats arising from the seamless link between commerce and warfare in the post-Cold War era.National-security concernsIt is folly to think that the Clinton administration or its predecessors could separate political, commercial and national-security concerns involved in satellite launches or any other business transaction.
NEWS
By LOS ANGELES TIMES | May 25, 1998
WASHINGTON -- Bernard L. Schwartz, a major Democratic campaign donor, said yesterday that he never sought special treatment from President Clinton for his satellite company now under investigation for possible unlawful assistance to China."
BUSINESS
By BLOOMBERG NEWS | October 8, 1997
NEW YORK -- Loral Space & Communications Ltd. yesterday agreed to buy Orion Network Systems Inc. for about $490 million in stock, expanding its satellite services into new markets.Rockville-based Orion owns and operates the Orion 1 satellite, which covers European, trans-Atlantic and U.S. markets, and has two more satellites under construction. The company provides video communications and other services to about 260 multinational businesses and Internet-service providers in 47 countries.
BUSINESS
April 4, 1997
Lockheed Martin Corp. has made final a $525 million deal to spin off 10 business units into an independent communications technology company, the Bethesda defense contractor said yesterday.The new enterprise, L-3 Communications Holdings Inc., is being created from former components of Loral Corp., which Lockheed Martin purchased last year.Yesterday's announcement completed a transaction first disclosed in February.Lehman Bros. Capital Partners III LP, a merchant banking partnership affiliated with Lehman Bros.
BUSINESS
By BLOOMBERG NEWS | February 25, 1997
NEW YORK -- Loral Space & Communications Ltd. agreed yesterday to buy out its European partners in Space Systems/Loral for $374 million, part of Chairman Bernard Schwartz's vision to create a global satellite communications company.Loral will buy the remaining 49 percent of Space Systems/Loral from Aerospatiale, Alcatel Espace, Alenia Spazio SpA and Daimler-Benz Aerospace AG for cash and Loral stock. The companies will receive a combined stake in Loral Space & Communications of about 6 percent.
NEWS
By LOS ANGELES TIMES | May 25, 1998
WASHINGTON -- Bernard L. Schwartz, a major Democratic campaign donor, said yesterday that he never sought special treatment from President Clinton for his satellite company now under investigation for possible unlawful assistance to China."
BUSINESS
By BLOOMBERG BUSINESS NEWS | August 17, 1996
WASHINGTON -- Lockheed Martin Corp. asked the Federal Trade Commission to approve the sale of a unit it was required to sell to gain antitrust approval for its $9.1 billion purchase of Loral Corp.Lockheed said it plans to sell SETA Services Operations to Washington Consulting Group, a Bethesda-based company that provides technical consulting services to federal agencies, including the Federal Aviation Administration.The sale price wasn't disclosed.It was SETA Services' relationship with the FAA that led the FTC to request the divestiture after the Loral purchase.
BUSINESS
By BLOOMBERG BUSINESS NEWS | August 17, 1996
WASHINGTON -- Lockheed Martin Corp. asked the Federal Trade Commission to approve the sale of a unit it was required to sell to gain antitrust approval for its $9.1 billion purchase of Loral Corp.Lockheed said it plans to sell SETA Services Operations to Washington Consulting Group, a Bethesda-based company that provides technical consulting services to federal agencies, including the Federal Aviation Administration.The sale price wasn't disclosed.It was SETA Services' relationship with the FAA that led the FTC to request the divestiture after the Loral purchase.
BUSINESS
BY A SUN STAFF WRITER | August 6, 1996
Lockheed Martin Corp. yesterday announced a corporate reorganization brought about by the acquisition earlier this year of the the bulk of Loral Corp.On another front, the Bethesda-based defense and aerospace company said it is holding talks with a private defense company in Australia concerning the establishment of a new company.Under the reorganization, Lockheed Martin will retain six business sectors, with three of them reconstituted to incorporate the technical and operational efficiencies of the Lockheed Martin and Loral units.
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