Thermo Wins Bid To Refinance Globalstar

CONSTELLATIONS

Thermo Wins Bid To Refinance Globalstar For 67% Stake

Under its proposal, which is subject to approval by the U.S. Bankruptcy Court in Delaware, Thermo will invest up to $55 million in exchange for a 67% stake in Globalstar.

San Jose - Apr 08, 2003
Globalstar, the world's most widely-used handheld satellite phone service, today announced the completion of its auction to select an equity investor who will fund the company toward the completion of its Chapter 11 process. Globalstar, in consultation with its official committee of unsecured creditors, selected Thermo Capital Partners as the successful bidder.

Under its proposal, which is subject to approval by the U.S. Bankruptcy Court in Delaware, Thermo will invest up to $55 million in exchange for a 67% stake in Globalstar.

The remainder of the equity will be held by the company's creditors, which include Loral Space & Communications, Qualcomm Incorporated and holders of Globalstar L.P. bonds.

Today's announcement represents the conclusion of a seven-week, court-approved process in which Globalstar and the creditors' committee worked with several potential investors toward the final auction earlier this week.

As next steps, Globalstar will seek confirmation of the auction results by the Bankruptcy Court and will work with Thermo to document the proposal.

Thermo Capital Partners is part of the Thermo Companies, based in New Orleans, LA, and Denver, CO, a highly successful group of privately-held companies focused on opportunities in the telecommunications, power generation, natural resources and real estate industry.

CONSTELLATIONS

Globalstar Resumes Discussions with Potential Investors

San Jose - Feb 06, 2003
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.

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

The content herein, unless otherwise known to be public domain, are Copyright 1995-2016 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.