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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,
                                                               YEAR ENDED      1997 TO
                                                              DECEMBER 31,   DECEMBER 31,
                                                                  1998           1997
                                                              ------------   ------------
                                                                       
EARNINGS:
Loss before income tax, minority interest and extraordinary
  item......................................................    $(17,206)      $(2,003)
Add: Interest expense.......................................      52,119        14,792
                                                                --------       -------
  Earnings..................................................      34,910        12,789
                                                                --------       -------
 
FIXED CHARGES:
Interest expense............................................      52,119        14,792
Add: Capitalized interest...................................      20,500         2,909
                                                                --------       -------
  Fixed charges.............................................      72,619        17,701
                                                                --------       -------
Deficiency of earnings to cover fixed charges...............    $ 37,709       $ 4,912
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