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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.
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