ICO purchase of Globalstar could fall through
Posted: Mon, Oct 27, 2003, 6:42 PM ET (2342 GMT)
Satellite communications company Globalstar said Monday that it has received permission to reopen talks with other potential investors after an earlier agreement with rival ICO appeared in danger of collapsing. In April ICO agreed to acquire a majority interest in Globalstar, which had been in Chapter 11 bankruptcy protection since early 2002. However, Globalstar announced Monday that ICO now believes that an unspecified condition of the sale agreement "likely will not be satisfied", opening the possibility that the deal itself could fall through. ICO has thus given Globalstar permission to talk with other potential investors in that event, and Globalstar said that it has "already initiated discussions with a number of potential investors." Globalstar continues to operate a constellation of satellites in low Earth orbit that provide phone and data services.
Satellite communications company Globalstar said Monday that it has received permission to reopen talks with other potential investors after an earlier agreement with rival ICO appeared in danger of collapsing. In April ICO agreed to acquire a majority interest in Globalstar, which had been in Chapter 11 bankruptcy protection since early 2002. However, Globalstar announced Monday that ICO now believes that an unspecified condition of the sale agreement "likely will not be satisfied", opening the possibility that the deal itself could fall through. ICO has thus given Globalstar permission to talk with other potential investors in that event, and Globalstar said that it has "already initiated discussions with a number of potential investors." Globalstar continues to operate a constellation of satellites in low Earth orbit that provide phone and data services.| <<previous article | next article>> |
|
news in brief
|
|
Apex becomes billion-dollar company with $200 million Series D round
Posted: Sun, Sep 14 4:09 AM ET (0809 GMT) |
|
news links
|
|
Monday, September 15
Elon Musk's Starlink reports service outage, thousands of users affected
Reuters — 1:23 am ET (0523 GMT) What does the loss of U.S. Space Command mean to Colorado Springs?
Denver Post — 1:21 am ET (0521 GMT) SpaceX Launches Northrop Grumman Cargo Ship To ISS
Aviation Week — 1:18 am ET (0518 GMT) SpaceX launches Falcon 9 rocket from Cape Canaveral on Sunday
WESH-TV Orlando — 1:18 am ET (0518 GMT) Apollo 13 made Jim Lovell a legend generations after the space race
The Hill — 1:09 am ET (0509 GMT) |
