Satellite phone provider Globalstar LP has been granted final court approval for its $10 million debtor-in-possession (DIP) financing. The court had earlier granted approval on an interim basis, making an initial $4 million available to the company. This approval will lead to the release of the remaining $6 million, subject to the terms of the DIP loan agreement.

In the meantime, Globalstar continues to identify potential bidders for the company. The final selection, subject to court approval, is expected to be completed by early April.