##### 



Exhibit 12


LORAL SPACE & COMMUNICATIONS LTD., A DEBTOR IN
POSSESSION


COMPUTATION OF DEFICIENCY OF EARNINGS TO COVER FIXED
CHARGES


|                                                                                                           |                                           |                    |         |       |      |   |         |       | 
|---------------------------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------ | ------- | ----- | ---- | - | ------- | ----- | 
|                                                                                                           |                                           | Three Months Ended |        
|                                                                                                           |                                           | March 31,          |        
|                                                                                                           |                                           |                    |        
|                                                                                                           |                                           | 2005               |         |       | 2004 |  
|                                                                                                           |                                           |                    |         |       |      |  
|                                                                                                           |                                           | (In thousands)     |        
|                                                                                                           |                                           | (Unaudited)        |        
|Loss from continuing operations before income taxes, equity
    losses in affiliates and minority interest |                                           | $                  | (23,766 | )     |      | $ | (67,504 | )    
|Plus fixed charges:                                                                                        |                                           |                    |         |       |      |   |         |      
|                                                                                                           | Interest expense                          |                    |         | 978   |      |   |         | 395   | 
|                                                                                                           | Interest component of rent
    expense(1) |                    |         | 1,570 |      |   |         | 1,891 | 
|Less: capitalized interest                                                                                 |                                           |                    |        |       |      |   | (957    | )    
|                                                                                                           |                                           |                    |         |       |      |  
|Earnings available to cover fixed charges                                                                  |                                           |                    | (21,218 | )     |      |   | (66,175 | )    
|Fixed charges                                                                                              |                                           |                    | (2,548  | )     |      |   | (2,286  | )    
|                                                                                                           |                                           |                    |         |       |      |  
|Deficiency of earnings to cover fixed charges                                                              |                                           | $                  | (23,766 | )     |      | $ | (68,461 | )    
|                                                                                                           |                                           |                    |         |       |      |  






|    |                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------
|(1) | The interest component of rent expense is deemed to be
    approximately 25% of total rent expense.