The U.S. Bankruptcy Court in New York handling Loral Space and Communications' bankruptcy proceeding formally approved the sale of its North American satellites for up to $1.1 billion to Intelsat.
As previously reported, Intelsat was the high bidder in an auction held Oct. 20.
First announced in July, the agreement with Intelsat provides for the sale of in-orbit satellites - Telstars 5, 6, 7 and 13 - as well as Telstar 8, which is scheduled for launch in mid 2004. The agreement also includes rights to the 77-degree orbital slot, formerly occupied by Telstar 4.
The sale to Intelsat remains subject to Federal Communications Commission approval and is expected to close in early 2004, Loral said.