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Globalstar looking for investment from Inmarsat, Intelsat
Posted: Fri, Jun 7, 2002, 8:21 AM ET (1221 GMT)
Globalstar satellite illustration Satellite communications company Globalstar is looking for investment by Inmarsat, Intelsat, and other companies as it attempts to reemerge from bankruptcy, Reuters reported this week. Globalstar filed for Chapter 11 bankruptcy protection in February as part of a restructuring effort to eliminate its heavy debt burden. The Reuters article cited sources who said Globalstar was in talks with Inmarsat and Intelsat that could lead to an investment by either or both companies into Globalstar. Inmarsat sees Globalstar as possibly complementary to its existing satellite telephone services. Globalstar is also reportedly in talks with "several major private equity firms" to see funding or possibly a takeover of the company. Globalstar continues to operate its constellation of approximately 50 spacecraft and provide telephony services as it restructures.
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