Loral Space Company went into bankruptcy in the year 1995. As a result of this it sold its stake to Lockheed Martin Company. The Loral Space Company had huge borrowings and the bankers were putting tremendous pressure for repayment due to repeated past defaults.
After the takeover of Loral Space and Communication by Lockheed Martin it was inevitable for Lockheed to become the principal guarantor for all the financial obligations of Loral Space.
In order to have administrative convenience there was an agreement entered into by Loral Space and Communication Company and Lockheed Martin guarantee agreement. The guarantee agreement set out all the details such as amount of funds guaranteed, date of guarantee provided, collateral security provided, conditions for guarantee, termination of guarantee, administrative expenses etc. The agreement was entered into on account of revision of the credit agreement by Loral Space with its bankers put together.
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