Schwartz Stepping Down at Loral

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Bernard Schwartz, chairman and CEO of Loral Space & Communications, will retire March 1. He has headed the satellite company since 1996, and before that, predecessor Loral Corp.

Loral Space & Communications last fall "successfully emerged" from bankruptcy with $180 million in cash and $126 million in debt.

Loral filed for chapter 11 in July 2003 and sold its North American business--five satellites--to Intelsat in March 2004 for something just north of $1 billion. That business included big-time clients CBS and Fox.

The company still has four satellites, two in Asia that service HBO Asia, Sony Entertainment and Disney, among others; one in Brazil that supplies Internet-to-aircraft service; and one that reaches Iraq and is used by numerous news organizations.

Loral also manufactures satellites for others.

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