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February 1, 1998

LORAL LAYS OFF 300 SATELLITE WORKERS

By CBR Staff Writer

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.

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