Satellite manufacturer Space Systems/Loral officially withdraws IPO

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Space Systems/Loral, which manufactures high-power satellites for commercial and government customers, withdrew its plans for an initial public offering on Wednesday. Space Systems merged into Loral in August 2012. The company had last filed an updated amendment in December 2010. The Palo Alto, CA-based company was founded in 1957 and booked $1.1 billion in sales for the 12 months ended 9/30/2010. Credit Suisse and J.P. Morgan were set to be the joint bookrunners on the deal.

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