[Satellite Today 03-26-09] Globalstar received $574 million in financing from Coface, France’s export credit agency, which it can use to acquire and launch satellites, Globalstar announced March 25.
    The money will be used to fund Globalstar’s next-generation satellite fleet being manufactured by Thales Alenia Space. The financing would also be used to facilitate certain long-lead items connected with the accelerated delivery of second-generation satellites, the completion of next-generation ground facilities and the design of satellite interface chipsets.
    The funds will be provided by a syndicate that includes major French banks and are intended to pay for at least 24 of the four dozen satellites Globalstar previously ordered from Thales.
    Commenting on the funding at the opening panel at the SATELLITE 2009 conference, Intelsat CEO Dave McGlade said government sponsored financing of commercial companies will distort the market, especially in Europe. “It’s bad for competition and is unfair to the companies that receive no funding.”