Globalstar Resumes Discussions with Potential Investors

Globalstar, L.P. confirmed today that New Valley Corp. has terminated its agreement with Globalstar under which it would have provided debtor-in-possession ("DIP") financing and would have acquired a controlling interest in the company.

By Space Daily Editorial Team · Editorial process

Published February 5, 2003 · Updated March 14, 2026

Globalstar, L.P. confirmed today that New Valley Corp. has terminated its agreement with Globalstar under which it would have provided debtor-in-possession (“DIP”) financing and would have acquired a controlling interest in the company.

Globalstar is now continuing discussions with potential investors, and the company is confident that another restructuring plan will be developed in the future.

Members of the Globalstar Creditors Committee have already indicated that they intend to provide their own debtor-in-possession financing. Globalstar also will immediately begin to explore investment possibilities with additional companies.

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