NEW YORK (Bloomberg) ? More than 95 percent of Loral Space & Communications Ltd.?s creditors voted in favour of a plan to get the No. 3 U.S. satellite maker out of bankruptcy and repay debt.

The voting results allow Bermuda-registered Loral to seek approval of the plan from US Bankruptcy Judge Robert Drain. US bankruptcy law requires that two-thirds of a debtor?s creditors support a reorganisation plan before it can be considered by a judge.

Loral proposes to repay fully its suppliers and other vendors such as Alcatel SA, Alenia Spazia SpA and Lockheed Martin Corp., which are owed a total of $116 million. Unsecured creditors would receive stock in the New York-based company once it exits bankruptcy. Shareholders would receive nothing.