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Globalstar wins debt deal extension
Posted: Tue, Apr 2, 2013, 8:02 AM ET (1202 GMT)
Satellite communications company Globalstar said Monday it had reached a deal with creditors on a two-week extension to restructure the company's debt, avoiding for the time being a default. The company said that $71.8 million in notes were due on April 1, more than the cash the company had on hand to pay them. The company also failed to make an interest payment on the notes that was due on April 1. Under the extension, Globalstar will pay the legal costs through April 1 as it works to refinance the debt. The company warned that if it cannot work out a longer-term deal, it could default on up to $675 million of debt the company has. The company recently completed the deployment of a second generation of low Earth orbit communications satellites, and hopes that the restoration of full phone service that was disrupted when the company's original satellites suffered technical problems will generate new revenue for the company.
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