Orbital Sciences and Teleglobe, partners in the Orbcomm LEO-based short messaging platform, have restructured the ownership of the company and increased its capital by approximately $100 million. Teleglobe becomes the majority owner and sole general partner of Orbcomm. Orbital has now freed itself from the need to make further capital investments in the 35-satellite platform. Orbital is hoping that the latest agreement will enable it improve its financial performance in 2000. Orbital reported preliminary after tax losses of $12,903,000 for the third quarter of 1999. Orbital chairman and CEO David Thompson said that Orbital would continue to play an active role in Orbcomm.
