UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 4, 2003
--------------------------------
PanAmSat Corporation
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22531 95-4607698
--------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
20 Westport Road, Wilton, CT 06897
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 210-8000
------------------------------
--------------------------------------------------------------------------------
(Former name and former address, if changed since last report.)
ITEM 5. OTHER EVENTS
The Company is updating current information provided with respect to insurance
claims for two of its Boeing Model 702 spacecraft, Galaxy 11 and PAS-1R.
On February 19, 2003, the Company filed proofs of loss under the insurance
policies for two of its Boeing model 702 spacecraft, Galaxy 11 and PAS-1R, for
constructive total losses based on degradation of the solar panels. The
insurance policies for Galaxy 11 and PAS-1R are in the amounts of approximately
$289 million and $345 million, respectively, and both include a salvage
provision for the Company to share 10% of future revenues from these satellites
with the insurers if the respective proof of loss is accepted. On December 4,
2003, upon expiration of the time by which the insurers were required to accept
or reject the claims under the insurance policies, the Company received letters
from its insurers rejecting its proofs of loss and denying its claims. This
action was anticipated by the Company. The Company expects to continue
discussions with its insurers to adjust the claims and expects that negotiations
will continue. If the Company concludes that a negotiated settlement of the
claims is not possible on terms acceptable to it, the Company expects to
commence arbitration to recover the losses. There can be no assurance as to the
amount of any insurance proceeds, or that any insurance proceeds will be
received in a timely manner.
This Report on Form 8-K includes statements that are not historical facts and
are considered "forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect the
Company's current views about future events. They are identified by their use of
terms and phrases such as "believe," "expect," "plan," "anticipate",
"possibility," "estimates," "projects" and similar expressions identifying their
forward-looking character. Investors should not rely on these forward-looking
statements as assurances of future events, because such statements are
inherently subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from the company's expectations.
The factors that may affect the outcome of such expectations include, but are
not limited to factors detailed from time to time in the Company's filings with
the SEC, including the Company's Annual Report on Form 10-K for the year ended
December 31, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 17, 2003 PANAMSAT CORPORATION
Registrant
By: /s/ James W. Cuminale
---------------------------------
Name: James W. Cuminale
Title: Executive Vice President, General
Counsel and Secretary