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

"Monster" planet puzzles astronomers
Posted: Sun, Nov 5 10:14 AM ET (1514 GMT)

Chairman of House Science Committee to retire
Posted: Sun, Nov 5 10:13 AM ET (1513 GMT)

news links
Friday, November 24
Instant rockets: How ISRO is developing a niche in the global space market
The Economic Times (India) — 2:47 am ET (0747 GMT)


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