Globalstar files for IPO
Posted: Thu, Jul 20, 2006, 10:04 AM ET (1404 GMT)
Mobile satellite communications company Globalstar, which went through bankruptcy protection earlier this decade, has announced plans to perform an initial public offering of stock. Globalstar said Tuesday the company hopes to raise $100 million in an IPO, although the company hasn't announced the price range for the stock, the number of shares to be sold, nor when the IPO will take place. Globalstar will use the money raised from the IPO, along with existing credit lines and other sources, to fund the development of a second-generation satellite system and upgrade its ground segment. Globalstar estimates that the next-generation satellite system will cost $1-1.2 billion. Globalstar deployed a constellation of over 50 low Earth orbit satellites in the late 1990s to provide global phone service, but the company, publicly-traded at the time, filed for Chapter 11 bankruptcy protection a few years later. The company has since emerged as a privately-held concern.
Mobile satellite communications company Globalstar, which went through bankruptcy protection earlier this decade, has announced plans to perform an initial public offering of stock. Globalstar said Tuesday the company hopes to raise $100 million in an IPO, although the company hasn't announced the price range for the stock, the number of shares to be sold, nor when the IPO will take place. Globalstar will use the money raised from the IPO, along with existing credit lines and other sources, to fund the development of a second-generation satellite system and upgrade its ground segment. Globalstar estimates that the next-generation satellite system will cost $1-1.2 billion. Globalstar deployed a constellation of over 50 low Earth orbit satellites in the late 1990s to provide global phone service, but the company, publicly-traded at the time, filed for Chapter 11 bankruptcy protection a few years later. The company has since emerged as a privately-held concern.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Wednesday, August 26
Russia’s Starlink Rival “Rassvet” Is Falling—One Satellite Gone, Two More May Be Next
United24 Media — 7:13 am ET (1113 GMT) Zelenskyy Gives Musk State Honor as Ukraine Lobbies for Starlink
Bloomberg News — 7:12 am ET (1112 GMT) Genie Space Edge Processor Achieves Space Heritage with Successful U.S. Space Force Mission
PR Newswire — 7:11 am ET (1111 GMT) China and Russia are nipping at America’s heels in the new space race
Washington Post — 7:11 am ET (1111 GMT) 6,500 Earth Observation Satellites Will Be Launched by 2035 as Next Defense Frontier
Military.com — 7:11 am ET (1111 GMT) |
