Address of Principal Executive Office (Street and Number)

New York, NY 10016

City, State and Zip Code

PART II — RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

	þ		(a)		The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
	þ		(b)		The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
			(c)		The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III — NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

On October 31, 2007, Loral and its Canadian partner completed the acquisition of Telesat Canada from BCE Inc. In connection with the acquisition, Loral transferred substantially all of the assets and related liabilities of its Loral Skynet subsidiary to Telesat Canada. Loral holds a 64% economic interest and a 33 1/3% voting interest in Telesat Holdings Inc. (“Telesat”), the ultimate parent company of the resulting new entity. We use the equity method of accounting for our investment in Telesat, which we expect will account for approximately 28% of our consolidated assets at December 31, 2007.

Telesat is in the process of preparing the financial information needed by us to record our equity in net income or loss of affiliate and complete the footnote disclosures related to our investment. Additionally, preparation of the Loral tax information has been affected by the timing of this transaction late in the year. Given the materiality of this information to our required 10-K disclosures taken as a whole, we are unable to file our 10-K report in whole or in part at this time. Telesat assures us that it has devoted considerable effort and expense in an effort to finalize its financial statements for the period from October 31, 2007 to December 31, 2007 and provide us with the financial information necessary to help us meet our filing deadlines, but has informed us that it has nonetheless been unable to do so due to the short period of time between the closing of the transaction and our filing deadline. Specifically, Telesat has advised us that:

	•		The preparation of the financial information by Telesat has involved a number of challenges related to the accounting for the change of its ownership and its combination with Loral Skynet.
	•		The purchase price allocation necessary to prepare the opening balance sheet is a complicated exercise involving input from a number of parties and has just recently been completed. Both the Telesat Canada and Loral Skynet assets and liabilities had to be fair valued. The information gathering, fair value calculations and review process took a considerable amount of time.
	•		Preparation of Telesat’s financial statements involves extracting information from two separate and distinct accounting systems — one for Telesat Canada and another for Loral Skynet. The result has been a time-consuming process of reconciliation with much manual effort.

As a result of the above, we are unable to complete our 2007 financial statements by the required filing date of March 17, 2008.