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Exhibit 12

LORAL SPACE & COMMUNICATIONS LTD., A
DEBTOR IN POSSESSION

COMPUTATION OF DEFICIENCY OF EARNINGS TO COVER
FIXED CHARGES

|                                                                                                                  |                                       |                    |         |       |  |   |         |        | 
|----------------------------------------------------------------------------------------------------------------- | ------------------------------------- | ------------------ | ------- | ----- |  | - | ------- | ------ | 
|                                                                                                                  |                                       |                   
|                                                                                                                  |                                       | Three Months Ended
|                                                                                                                  |                                       | March 31,         
|                                                                                                                  |                                       |                   
|                                                                                                                  |                                       | 2004               |         | 2003 
|                                                                                                                  |                                       |                    |         |      
|                                                                                                                  |                                       |                   
|                                                                                                                  |                                       | (In thousands)    
|                                                                                                                  |                                       | (Unaudited)       
|Loss from continuing operations before income
    taxes, equity in net losses of affiliates and minority interest |                                       | $                  | (67,504 | )     |  | $ | (53,426 | )     
|Plus fixed charges:                                                                                               |                                       |                    |         |       |  |   |         |       
|                                                                                                                  | Interest expense                      |                    |         | 2,944 |  |   |         | 12,310 | 
|                                                                                                                  | Interest component of rent expense(1) |                    |         | 1,891 |  |   |         | 2,319  | 
|Less: capitalized interest                                                                                        |                                       |                    | (957    | )     |  |   | (3,804  | )     
|                                                                                                                  |                                       |                    |         |       |  |   |         |       
|Earnings available to cover fixed charges                                                                         |                                       |                    | (63,626 | )     |  |   | (42,601 | )     
|Fixed charges(2)                                                                                                  |                                       |                    | (4,835  | )     |  |   | (17,989 | )     
|                                                                                                                  |                                       |                    |         |       |  |   |         |       
|Deficiency of earnings to cover fixed charges                                                                     |                                       | $                  | (68,461 | )     |  | $ | (60,590 | )     
|                                                                                                                  |                                       |                    |         |       |  |   |         |       



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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The interest component of rent expense is deemed
    to be approximately 25% of total rent expense.                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(2) | Preferred dividends for the three months ended
    March 31, 2003 have not been adjusted for income taxes, due
    to the composition of the taxing jurisdictions underlying the
    Companys operations and the resulting impact on the
    Companys effective tax rate. Fixed charges includes the
    accrual of preferred dividends and interest on unsecured debt
    obligations (excluding bank debt) through July 15, 2003,
    the date of the Companys Chapter 11 filing.