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Exhibit 12


LORAL SPACE & COMMUNICATIONS LTD., A DEBTOR IN
POSSESSION


COMPUTATION OF DEFICIENCY OF EARNINGS TO COVER FIXED
CHARGES


|                                                                                                                    |                                           |                                  |          |       |      |   |          |        |  |   |          |        | 
|------------------------------------------------------------------------------------------------------------------- | ----------------------------------------- | -------------------------------- | -------- | ----- | ---- | - | -------- | ------ |  | - | -------- | ------ | 
|                                                                                                                    |                                           | For the Years Ended December 31, |         
|                                                                                                                    |                                           |                                  |         
|                                                                                                                    |                                           | 2004                             |          |       | 2003 |   |          | 2002   | 
|                                                                                                                    |                                           |                                  |          |       |      |   |          |        | 
|                                                                                                                    |                                           | (in thousands)                   |         
|                                                                                                                    |                                           | (unaudited)                      |         
|Loss from continuing operations before income taxes, equity
    income (losses) in affiliates and minority interest |                                           | $                                | (207,852 | )     |      | $ | (368,355 | )      |  | $ | (237,540 | )     
|Plus fixed charges:                                                                                                 |                                           |                                  |          |       |      |   |          |        |  |   |          |       
|                                                                                                                    | Interest expense                          |                                  |          | 3,904 |      |   |          | 28,223 |  |   |          | 51,185 | 
|                                                                                                                    | Interest component of rent
    expense(1) |                                  |          | 9,059 |      |   |          | 10,402 |  |   |          | 15,380 | 
|Less: capitalized interest                                                                                          |                                           |                                  | (957     | )     |      |   | (14,143  | )      |  |   | (10,293  | )     
|                                                                                                                    |                                           |                                  |          |       |      |   |          |        | 
|Earnings available to cover fixed charges                                                                           |                                           | $                                | (195,846 | )     |      | $ | (343,873 | )      |  | $ | (181,268 | )     
|                                                                                                                    |                                           |                                  |          |       |      |   |          |        | 
|Fixed
    charges(2)                                                                                                |                                           | $                                | (12,963  | )     |      | $ | (45,345  | )      |  | $ | (155,751 | )     
|                                                                                                                    |                                           |                                  |          |       |      |   |          |        | 
|Deficiency of earnings to cover fixed charges                                                                       |                                           | $                                | (208,809 | )     |      | $ | (389,218 | )      |  | $ | (337,019 | )     
|                                                                                                                    |                                           |                                  |          |       |      |   |          |        | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The interest component of rent expense is deemed to be
    approximately 25% of total rent expense.                                                                                                                                                                                                                                                                                                      
|   
|(2) | Preferred dividends have not been adjusted for income taxes, due
    to the composition of the taxing jurisdictions underlying our
    operations and the resulting impact on our effective tax rate.
    Fixed charges include the accrual of preferred dividends and
    interest on unsecured debt obligations (excluding bank debt)
    through July 15, 2003, the date of our Chapter 11
    filing.