If my memory serves me correctly there were three offerings to replace the MR2-
First the ill fated MRA 4
Second was a Loral bid using Orion 2000 new build P-3s
Last was a GEC/Marconi bid utilising refurbished P-3 airframes
You have it the wrong way round. The Orion was new build, the consortium consisting of Lockheed Martin, GEC - Marconi and Hunting.
The Loral bid was to use refurbished P-3's.