[Satellite TODAY Insider 10-10-11] Mobile satellite voice and data services operator Globalstar has accepted the resignation of CFO and Senior Vice President Dirk Wild, the company confirmed Oct. 7. Wild will remain in his position until Nov. 11 to oversee Globalstar’s next quarterly financial report which is expected to be filed prior to the effective date of his resignation.
While Globalstar said that Wild was leaving the company to, “pursue other career opportunities in southern Louisiana,” the announcement comes two days after published U.S. Securities and Exchange Commission (SEC) documents showed that Thales Alenia Space rejected Globalstar’s recent order for six quick-delivery spacecraft as part of its second-generation constellation. In the Oct. 5 filing, GlobalStar said its prime contractor for its second-generation mobile communications satellite constellation said the company had, “no right to place the order.”
Globalstar also said that it has made adjustments to its bank financing structure that will allow the company to delay its in-service date for the 24 second-generation satellites already under construction without violating its loan covenants with its lending consortium. Globalstar and Thales Alenia Space confirmed that the two companies have submitted disputes regarding future contractual satellite construction obligations to the American Arbitration Association and that an arbitration hearing has been scheduled for Jan. 24.
Wild was appointed Globalstar’s CFO in August 2010 and successfully relocated the company’s headquarters from Silicon Valley, Calif. to Louisiana. Globalstar said it is currently engaged in a search for his replacement.
Separately, Globalstar announced Oct. 7 that its second of six satellites, launched in July, is now operational and is processing mobile satellite voice and data call traffic to global customers. “The deployment of these six satellites from the second launch is on schedule. The first satellite from the July launch was placed into service in August and the four remaining satellites are expected to become operational over the next few months,” Globalstar said in a company statement.
Globalstar is currently deploying its second-generation satellite constellation and launch services provider Arianespace has been contracted to conduct the launches of six satellites each. The first two launches were conducted in October 2010 and July 2011. Globalstar is currently planning to launch six additional satellites in December.
