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News briefs: August 27
Posted: Wed, Aug 28, 2002, 7:42 AM ET (1142 GMT)
  • Loral Space and Communications said Tuesday that it plans to buy back preferred stock in a debt-reduction effort. The company is offering $1.92 in cash and four shares of common stock for each share of preferred stock tendered to the company. The company said the exchange will further enhance its balance sheet by reducing its fixed obligations.
  • An amateur rocket launch into space has won regulatory approval from the US government. The Civilian Space eXploration Team (CSXT) has received clearance from the FAA and the Bureau of Land Management to conduct a suborbital launch from the Nevada desert next month. CSXT's PRIMERA rocket, 5,1 meters tall, is designed to reach a top speed of Mach 5 and fly to 110 kilometers during the 10-minute flight.
  • A British girl may have been hit in the foot by a tiny meteorite, the BBC reported Tuesday. Fourteen-year-old Siobhan Cowton was getting into the family car when a rock fell on her foot. The appearance and warm temperature of the rock led the family to think it may be a meteorite; the rock is currently being analyzed by Durham University scientists to confirm this. Cowton was not injured.
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