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                                                                      EXHIBIT 12

                       SATELITES MEXICANOS, S.A. DE C.V.

          COMPUTATION OF DEFICIENCY OF EARNINGS TO COVER FIXED CHARGES
                          (IN THOUSANDS OF US DOLLARS)



                                                                                       PERIOD FROM
                                                                                       NOVEMBER 17,
                                                           YEARS ENDED DECEMBER 31,      1997 TO
                                                           ------------------------    DECEMBER 31,
                                                              1999          1998           1997
                                                           ----------    ----------    ------------
                                                                              
EARNINGS:
Loss before income tax, minority interest and
  extraordinary loss.....................................   $(40,987)     $(17,206)      $(2,003)
Add: Interest expense....................................     67,325        52,119        14,792
                                                            --------      --------       -------
  Earnings...............................................     26,338        34,910        12,789
                                                            --------      --------       -------

FIXED CHARGES:
Interest expense.........................................     67,325        52,119        14,792
Add: Capitalized interest................................      1,560        20,500         2,909
                                                            --------      --------       -------
  Fixed charges..........................................     68,885        72,619        17,701
                                                            --------      --------       -------
Deficiency of earnings to cover fixed charges............   $ 42,547      $ 37,709       $ 4,912
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