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Article: Loral Space & Communications Completes MHR Financing Deal Over Objections From Other Investors.
- Article from:
- Satellite News
- Article date:
- March 5, 2007
CopyrightCOPYRIGHT 2007 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Loral Space & Communications completed a sale of $300 million of stock to MHR Fund Management LLC, Loral's largest shareholder, Loral announced Feb. 27.
The deal was announced in October and was delayed after other shareholders raised opposition. Investment firms Murray Capital Management Inc. and Highland Capital Management LP labeled it as a "sweetheart deal" that would allow a "stealth takeover" of Loral. MHR was founded by Mark Rachesky, chairman of Loral's board.
Following initial opposition from Murray and Highland, Loral said it would seek alternatives to the original transaction that would include the participation of all interested ...