ICO purchase of Globalstar could fall through
Posted: Mon, Oct 27, 2003, 6:42 PM ET (2342 GMT)
Satellite communications company Globalstar said Monday that it has received permission to reopen talks with other potential investors after an earlier agreement with rival ICO appeared in danger of collapsing. In April ICO agreed to acquire a majority interest in Globalstar, which had been in Chapter 11 bankruptcy protection since early 2002. However, Globalstar announced Monday that ICO now believes that an unspecified condition of the sale agreement "likely will not be satisfied", opening the possibility that the deal itself could fall through. ICO has thus given Globalstar permission to talk with other potential investors in that event, and Globalstar said that it has "already initiated discussions with a number of potential investors." Globalstar continues to operate a constellation of satellites in low Earth orbit that provide phone and data services.
Satellite communications company Globalstar said Monday that it has received permission to reopen talks with other potential investors after an earlier agreement with rival ICO appeared in danger of collapsing. In April ICO agreed to acquire a majority interest in Globalstar, which had been in Chapter 11 bankruptcy protection since early 2002. However, Globalstar announced Monday that ICO now believes that an unspecified condition of the sale agreement "likely will not be satisfied", opening the possibility that the deal itself could fall through. ICO has thus given Globalstar permission to talk with other potential investors in that event, and Globalstar said that it has "already initiated discussions with a number of potential investors." Globalstar continues to operate a constellation of satellites in low Earth orbit that provide phone and data services.| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Thursday, October 3
ULA’s Vulcan Centaur Readied For Oct. 4 Liftoff
Aviation Week — 5:27 am ET (0927 GMT) Can ULA clear the final hurdle on Vulcan?
Defense One — 5:27 am ET (0927 GMT) Space Ops: Vulcan At The Pad
Aviation Week — 5:27 am ET (0927 GMT) SpaceX’s mission to improve Starlink gets pushback from Europe
Teslarati — 5:26 am ET (0926 GMT) Starlink satellites create light pollution and disrupt radio frequencies. And it's getting worse
CBC — 5:26 am ET (0926 GMT) |
