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	SEC FILE NUMBER
	CUSIP NUMBER

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

(Check one):		o  Form 10-K o  Form 20-F o  Form 11-K þ  Form 10-Q o  Form 10-D o  Form N-SAR o  Form N-CSR
		For Period Ended:		March 31, 2008
		o   Transition Report on Form 10-K
		o   Transition Report on Form 20-F
		o   Transition Report on Form 11-K
		o   Transition Report on Form 10-Q
		o   Transition Report on Form N-SAR
		For the Transition Period Ended:

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I — REGISTRANT INFORMATION

Loral Space & Communications Inc.

Full Name of Registrant

 

Former Name if Applicable

600 Third Avenue

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)

	x		(a)		The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
	x		(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.

 

[DRAFT 5/7/2008]

12b-25 Disclosure for 1Q2008

          In our Annual Report on Form 10-K for the year ended December 31, 2007 (the “2007 Form 10-K’), we reported a material weakness with respect to accounting for and disclosure of income taxes. Specifically, the Company did not maintain adequate processes and a sufficient number of technically qualified personnel to facilitate the timely resolution of issues associated with the Company’s income tax closing process primarily relating to those issues attributable to our acquisition, together with our Canadian partner, of Telesat Canada and the related transfer of substantially all of the assets and related liabilities of our Loral Skynet Corporation subsidiary to Telesat Canada. As a result of the delay in completing our accounting for and disclosure of income taxes, we filed our 2007 Form 10-K on April 29, 2008.

          We indicated in our Form 10-K for the year ended December 31, 2007 that we are evaluating several remedial steps to improve controls surrounding our income tax closing process, including enhancing the technical resources in the income tax accounting function and conducting an evaluation of organizational processes and structure to identify and implement the appropriate solutions regarding our income tax closing process including retaining additional external resources.

          We have been unable to complete the preparation of the tax information necessary for our first quarter financial statements for the following reasons. First, although we have begun to implement remedial steps to improve controls surrounding our income tax closing process, including retention of external resources, we have not completed this process and our tax resources continue to be insufficient. In addition, because of the late filing of our 2007 Form 10-K, the timing of our first quarter tax closing process was delayed. Given the materiality of this information to our required 10-Q disclosures taken as a whole, we are unable to complete our financial statements for the quarter ended March 31, 2008 by the required filing date of May 12, 2008.