spacetoday.net: space news from around the webin association with SpaceNews


Globalstar planning bankruptcy, reorganization
Posted: Wed, Nov 14, 2001, 9:47 AM ET (1447 GMT)
Globalstar satellite illustration 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.
<<previous article   next article>>
news in brief
Starship explodes during preparations for static-fire test
Posted: Sun, Jun 22 6:52 AM ET (1052 GMT)

French government leads investment in Eutelsat
Posted: Sat, Jun 21 8:38 AM ET (1238 GMT)

NASA further delays Ax-4 launch
Posted: Sat, Jun 21 8:34 AM ET (1234 GMT)

news links
Tuesday, July 1
Move over Starlink, here comes Kuiper
Gulf News — 4:58 am ET (0858 GMT)
USSF Seeks Industry Ideas For Space-Based Interceptors
Aviation Week — 4:57 am ET (0857 GMT)
Don’t forget about Iran’s space program
POLITICO — 4:54 am ET (0854 GMT)
EU Space Act is ‘orbital equivalent of GDPR’, says lawyer
Luxembourg Times — 4:53 am ET (0853 GMT)
Poland’s second ever astronaut is safe in space
Euro Weekly News — 4:49 am ET (0849 GMT)


about spacetoday.net   ·   info@spacetoday.net   ·   mailing list