Globalstar planning bankruptcy, reorganization
Posted: Wed, Nov 14, 2001, 9:47 AM ET (1447 GMT)
Satellite communications company Globalstar announced late Tuesday that it will soon file for bankruptcy protection as part of a reorganization scheme. In a press release issued after the close of the markets Tuesday, the company said that it would voluntarily file for Chapter 11 bankruptcy protection in the near future. The filing would be the first step in a restructuring plan to create a new Globalstar company with a more viable business plan. Under the restructuring, the company warns that existing equity would be strongly diluted, making Globalstar stock nearly, if not entirely, worthless after the restructuring. The company said that it will provide uninterrupted service during this restructuring, and added that its satellite constellation is working well, with only one of its 48 satellites currently out of operation. Globalstar made the announcement the same day it released its fiscal third quarter results, showing a loss for the quarter of $129 million.
Satellite communications company Globalstar announced late Tuesday that it will soon file for bankruptcy protection as part of a reorganization scheme. In a press release issued after the close of the markets Tuesday, the company said that it would voluntarily file for Chapter 11 bankruptcy protection in the near future. The filing would be the first step in a restructuring plan to create a new Globalstar company with a more viable business plan. Under the restructuring, the company warns that existing equity would be strongly diluted, making Globalstar stock nearly, if not entirely, worthless after the restructuring. The company said that it will provide uninterrupted service during this restructuring, and added that its satellite constellation is working well, with only one of its 48 satellites currently out of operation. Globalstar made the announcement the same day it released its fiscal third quarter results, showing a loss for the quarter of $129 million.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Tuesday, March 3
Self-repairing spacecraft could change future missions
ESA — 7:06 am ET (1206 GMT) UT Austin becomes first institution to help Space Force track threats
KXAN-TV — 7:01 am ET (1201 GMT) Blue Origin pays $11.5 million for Cocoa site formerly used for SpaceX ‘Starship race’
Talk of Titusville (FL) — 7:01 am ET (1201 GMT) Starlink to partner with Deutsche Telekom to launch satellite mobile service in Europe
CNBC — 6:57 am ET (1157 GMT) SpaceX Aims to Launch Upgraded Starlink Satellites in Mid-2027
Bloomberg News — 6:57 am ET (1157 GMT) |
