(Bloomberg) ? Bermuda-based Loral Space & Communications Ltd., the No. 3 US satellite maker, exited bankruptcy yesterday after shedding almost $3 billion in debt during its 28-month case.

The company is ending its time in Chapter 11 protection with $180 million in cash and $126 million in debt.

The conclusion of the case comes four months after US Bankruptcy Judge Robert Drain confirmed New York-based Loral?s plan to fully repay its suppliers and give unsecured creditors stock in the company. Shareholders, many of whom opposed the plan, receive nothing.

?Over the last two-and-a-half years, we have created a stronger, leaner and more efficient Loral,? Loral chief executive Bernard Schwartz said in a statement.

?We have won new awards and customers, and we continue to seek and capture opportunities in many new and traditional markets.?

Loral filed for protection from creditors in July 2003 after amassing more than $3 billion in debt during a slowdown in demand for satellites.

The filing followed the collapse of space-based communications ventures such as Iridium LLC and Teledesic LLC.

Bermuda-based Intelsat Ltd. bought six of Loral?s satellites for about $1.03 billion last year.

Much of the bankruptcy case involved a dispute over the value of the company between Loral and a group of shareholders.

The shareholders argued the company?s re-organisation plan undervalued Loral.

Loral will issue 20 million shares of new common stock.

The shares will be traded on the Nasdaq stock market under the ticker ?LORL.?