SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* RACHESKY MARK H MD (Last) (First) (Middle) 40 WEST 57TH STREET, 24TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 11/21/2005	3. Issuer Name and Ticker or Trading Symbol LORAL SPACE & COMMUNICATIONS INC. [ LORL ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock***	1,040,153	I	See footnote ( 1 )
Common Stock***	138,927	I	See footnote ( 2 )
Common Stock***	958,132	I	See footnote ( 3 )
Common Stock***	2,413,827	I	See footnote ( 4 )
Common Stock***	2,119,585	I	See footnote ( 5 )
Common Stock***	205,073	I	See footnote ( 6 )
Common Stock***	304,932	I	See footnote ( 7 )

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* RACHESKY MARK H MD (Last) (First) (Middle) 40 WEST 57TH STREET, 24TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* MHR Institutional Advisors II LLC (Last) (First) (Middle) 40 WEST 57TH STREET, 24TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* MHR Institutional Partners IIA LP (Last) (First) (Middle) 40 EST 57TH STREET, 24TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* MHR Institutional Advisors LLC (Last) (First) (Middle) 40 WEST 57TH STREET, 24TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* MHR INSTITUTIONAL PARTNERS LP (Last) (First) (Middle) 40 WEST 57TH STREET, 24TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)

Explanation of Responses:

1. These securities are held for the account of MHR Capital Partners (500) LP (f/k/a MHR Capital Partners LP), a Delaware limited partnership ("Capital Partners (500)"). MHR Advisors LLC, a Delaware limited liability company ("Advisors"), is the general partner of Capital Partners (500). Mark H. Rachesky, M.D. ("Dr. Rachesky") is the managing member of Advisors. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of Capital Partners (500).

2. These securities are held for the account of MHR Capital Partners (100) LP, a Delaware limited partnership ("Capital Partners (100)"). Advisors is the general partner of Capital Partners (100). Dr. Rachesky is the managing member of Advisors. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of Capital Partners (100).

3. These securities are held for the account of MHR Institutional Partners II LP, a Delaware limited partnership ("Institutional Partners II"). MHR Institutional Advisors II LLC, a Delaware limited liability company ("Institutional Adivsors II"), is the general partner of Institutional Partners II. Dr. Rachesky is the managing member of Institutional Advisors II. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of Institutional Partners II.

4. These securities are held for the account of MHR Institutional Partners IIA LP, a Delaware limited partnership ("Institutional Partners IIA"). Institutional Advisors II is the general partner of Institutional Partners IIA. Dr. Rachesky is the managing member of Institutional Advisors II. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of Institutional Partners IIA.

5. These securities are held for the account of MHR Institutional Partners LP, a Delaware limited partnership ("Institutional Partners"). MHR Institutional Advisors LLC, a Delaware limited liability company ("Institutional Advisors") is the general partner of Institutional Partners. Dr. Rachesky is the managing member of Institutional Advisors. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of Institutional Partners.

6. These securities are held for the account of MHRM LP, a Delaware limited partnership ("MHRM"). Institutional Advisors is the general partner of MHRM. Dr. Rachesky is the managing member of Institutional Advisors. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of MHRM.

7. These securities are held for the account of MHRA LP, a Delaware limited partnership ("MHRA"). Institutional Advisors is the general partner of MHRA. Dr. Rachesky is the managing member of Institutional Advisors. In such capacity, Dr. Rachesky may be deemed to be the beneficial owner of the securities held for the account of MHRA.

Remarks:

** This ticker symbol shall be applicable when the Issuer's common stock commences trading on the NASDAQ National Market after initial distribution. *** The shares described herein were issued by the Issuer on the effective date of that certain Fourth Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, dated as of June 3, 2005 of Loral Space & Communications, Ltd. and its subsidiaries that are a party thereto (the "Plan") and are outstanding shares. The excact amount of shares to be received by the limited partnerships described below in connection with the Plan has not yet been determined, and it is expected that such final amounts will be known at the time of distribution of the shares pursuant to the Plan. Accordingly, the amount of shares set forth herein (all of which are to be received in connection with the Plan) is an estimated amount.

	/s/ Mark H. Rachesky Mark H. Rachesky, M.D.	11/21/2005
	/s/ Hal Goldstein MHR Institutional Advisors II LLC Title: Vice President	11/21/2005
	/s/ Hal Goldstein MHR Institutional Partners II LP; By: MHR Instituitional Advisors II LLC, as General Partner Title: Vice President	11/21/2005
	/s/ Hal Goldstein MHR Institutional Advisors LLC Title: Vice President	11/21/2005
	/s/ Hal Goldstein MHR Institutional Partners LP; By: MHR Institutional Advisors LLC, as General Partner Title: Vice President	11/21/2005
	** Signature of Reporting Person	Date
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