NEW YORK (Bloomberg) ? Loral Space & Communications Ltd., the third-largest US satellite maker, will receive $170 million less from a sale of satellites to Intelsat Ltd. than Loral originally reported, creditors said in a court filing.

The difference in price means Bermuda-based Loral won?t be able to immediately repay its secured debt, the company?s committee of unsecured creditors said in documents filed with the US Bankruptcy Court in New York.

The committee said on Friday the sale is a ?tremendous disappointment? and asked for permission to file its own restructuring plan to get the company out of bankruptcy.

Loral has said that the sale price would be for as much as $1.1 billion, according to company spokesman John McCarthy. Loral had planned on using the money to fully repay almost $1 billion in secured debt and still have $160 million in cash left over, the committee said. The committee said it didn?t know the reason for the shortfall.

?It is inexcusable that the company?s management has permitted more than $170 million of proceeds to slip through its fingers,? the committee said in court documents. ?Whether as a result of a failure in understanding its business or a failure to perform, this tremendous loss of value for the estate is directly attributable to the current stewards of the process.?

Steve Karotkin, Loral?s bankruptcy lawyer, said the company will file a response to the committee?s assertions in court. Karotkin declined to provide additional comment.

Loral has asked the bankruptcy court to prevent other parties from filing a restructuring plan. Loral filed for bankruptcy protection in July, after amassing more than $3 billion in debt and failing to earn a profit since 1997.

The case is re Loral Space & Communications Ltd., No. 03- 41710 in the U.S. Bankruptcy Court in the Southern District of New York.