NEW YORK, March 3 Loral Space & Communications
Inc has hired boutique investment bank Perella Weinberg
Partners to advise its independent board of directors as it
explores a potential sale of the company, people close to the
Reuters reported in January that Loral, which holds a
majority stake in Canadian satellite communication services
company Telesat Holdings Inc, is working with Credit Suisse
Group AG to find a buyer.
Independent members of Loral's board separately hired
Perella in recent weeks for any potential conflicts that may
arise, as the company's top shareholder is playing a key role in
the sale process, according to the people on Monday, who asked
not to be named because the matter is not public.
Loral's biggest shareholder is hedge fund veteran Mark
Rachesky's MHR Fund Management LLC, which held 38 percent of
Loral's outstanding voting common stock as of December.
Rachesky, who co-founded MHR in 1996 after working for activist
investor Carl Icahn for six years, is seen as key to Loral
accepting any takeover offer.
Representatives for Loral and Credit Suisse did not
immediately respond to requests for comment. Perella declined to