UPDATE 2-Telesat owner Loral hires Perella to advise board on sale -sources
By Soyoung Kim and Nicola Leske
NEW YORK, March 3 (Reuters) - Loral Space & Communications Inc has hired boutique investment bank Perella Weinberg Partners to advise its independent directors as it explores a potential sale of the company, people close to the matter said on Monday.
Reuters reported in January that Loral, which holds a majority stake in Canadian satellite communication services company Telesat Holdings Inc, is working with Credit Suisse Group AG to find a buyer.
The company's top shareholder is playing a key role in any sale process, and independent members of Loral's board separately hired Perella in recent weeks to advise them because of the possibility of conflicts, according to people who spoke on the subject but asked not to be named because the matter is not public.
Representatives for Loral and Credit Suisse did not immediately respond to requests for comment. Perella declined to comment.
Loral shares rose 1.6 percent to $80.30 on the New York Stock Exchange on Monday.
Loral's biggest shareholder is hedge fund veteran Mark Rachesky's MHR Fund Management LLC, which held 38 percent of Loral's outstanding voting common stock as of December. Rachesky, who co-founded MHR in 1996 after working for activist investor Carl Icahn for six years, is seen as key to Loral accepting any takeover offer.