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
|
|
Friday, March 27
A leap forward for Lumio: Phase C officially launched
ESA — 6:09 am ET (1009 GMT) Cantor Fitzgerald cuts Firefly Aerospace stock price target on estimates
Investing.com — 6:08 am ET (1008 GMT) SpaceX President: Starlink Could Plateau at 15,000 or 20,000 Satellites
PC Magazine — 6:07 am ET (1007 GMT) Data Centers on Orbit Could Boost Space Operations, Experts Say
National Defense Magazine — 6:06 am ET (1006 GMT) National Defense Strategy ‘falls short’ on nuclear, space threat: SASC chair
Defense One — 6:05 am ET (1005 GMT) |
