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Exhibit 12.1


LORAL SPACE & COMMUNICATIONS LTD., A DEBTOR IN
POSSESSION


COMPUTATION OF DEFICIENCY OF EARNINGS TO COVER FIXED
CHARGES


|                                                                                                                    |                                           |                |        |       |  |                        |   |         |                          |  |   |          |       |  |   |          |        | 
|------------------------------------------------------------------------------------------------------------------- | ----------------------------------------- | -------------- | ------ | ----- |  | ---------------------- | - | ------- | ------------------------ |  | - | -------- | ----- |  | - | -------- | ------ | 
|                                                                                                                    |                                           | Successor      |        |       |  |                       
|                                                                                                                    |                                           | Registrant     |        |       |  | Predecessor Registrant |  
|                                                                                                                    |                                           |                |        |       |  |                        |  
|                                                                                                                    |                                           | For the Period |        |       |  | For the Period         |   |         |                         
|                                                                                                                    |                                           | October 2,     |        |       |  | January 1,             |   |         |                         
|                                                                                                                    |                                           | 2005 to        |        |       |  | 2005 to                |   |         | Years Ended December 31, | 
|                                                                                                                    |                                           | December 31,   |        |       |  | October 1,             |   |         |                          | 
|                                                                                                                    |                                           | 2005           |        |       |  | 2005(3)                |   |         | 2004                     |  |   | 2003     |      
|                                                                                                                    |                                           |                |        |       |  |                        |   |         |                          |  |   |          |      
|Loss from continuing operations before income taxes, equity
    income (losses) in affiliates and minority interest |                                           | $              | (5,395 | )     |  |                        | $ | (65,570 | )                        |  | $ | (207,852 | )     |  | $ | (368,355 | )     
|Plus fixed charges:                                                                                                 |                                           |                |        |       |  |                        |   |         |                          |  |   |          |       |  |   |          |       
|                                                                                                                    | Interest expense                          |                |        | 4,408 |  |                        |   |         | 3,982                    |  |   |          | 3,904 |  |   |          | 28,223 | 
|                                                                                                                    | Interest component of rent
    expense(1) |                |        | 1,625 |  |                        |   |         | 4,949                    |  |   |          | 9,059 |  |   |          | 10,402 | 
|Less: capitalized interest                                                                                          |                                           |                |       |       |  |                        |   |        |                          |  |   | (957     | )     |  |   | (14,143  | )     
|                                                                                                                    |                                           |                |        |       |  |                        |   |         |                          |  |   |          |      
|Earnings available to cover fixed charges                                                                           |                                           | $              | 638    |       |  |                        | $ | (56,639 | )                        |  | $ | (195,846 | )     |  | $ | (343,873 | )     
|                                                                                                                    |                                           |                |        |       |  |                        |   |         |                          |  |   |          |      
|Fixed
    charges(2)                                                                                                |                                           | $              | (8,700 | )     |  |                        | $ | (8,931  | )                        |  | $ | (12,963  | )     |  | $ | (45,345  | )     
|                                                                                                                    |                                           |                |        |       |  |                        |   |         |                          |  |   |          |      
|Deficiency of earnings to cover fixed charges                                                                       |                                           | $              | 8,062  |       |  |                        | $ | 65,570  |                          |  | $ | 208,809  |       |  | $ | 389,218  |       
|                                                                                                                    |                                           |                |        |       |  |                        |   |         |                          |  |   |          |      






|    |                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.
|   
|(3) | Does not reflect the effect of the gain on the discharge of
    pre-petition obligations and fresh-start adjustments, and the
    interest expense and income tax benefit recognized in connection
    with the Plan of Reorganization.