The Asian crisis has hit defense electronics and satellite company Loral Space and Electronics Ltd, which has stopped building three satellites for Thai and Indonesian companies, and as a result will have to fire 300 of its space systems staff, which is 9% of the workforce. The two television satellites for Bangkok, Thailand-based Asia Broadcasting & Communications Network Public Co, and one for Jakarta, Indonesia PT Satelit Nusantara, will cost Loral $400m in revenue, unless it finds alternative buyers for the satellites, or persuade the companies to pay to finish building them. Loral claims the failure of the contracts will have a significant effect on the company as it has a backlog of $1.8m worth of satellite orders.
