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):
February 9, 2005
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LORAL SPACE & COMMUNICATIONS LTD.
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(Exact name of registrant as specified in its charter)
Islands of Bermuda 1-14180 13-3867424
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 697-1105
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Former name or former address, if changed since last report
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ]Written communications pursuant to Rule 425 under the Securities Act
[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
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 8.01 Other Events
The Compensation Committee of Loral Space & Communications Ltd. (the "Company")
approved 2004 cash bonus payments totaling $8.8 million for the employees of the
Company and its subsidiaries, including $0, $480,000, $360,000, $271,109 and
$170,000 to be paid to each of Bernard L. Schwartz, Eric J. Zahler, Richard J.
Townsend, C. Patrick DeWitt and Avi Katz, respectively.
The bonus payments are discretionary payments by the Company based on various
factors including individual performance.
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.
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(Registrant)
Date: February 23, 2005 /s/ Janet Yeung
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Janet Yeung
Vice President and Assistant
Secretary