Mobile satellite telephone service provider Globalstar [OTC: GSTRF] has received court approval for its acquisition by ICO Global Communications. This clears the way for Globalstar to transfer most of its assets to a new Globalstar operating company to be majority owned by ICO, which will pay $55 million for the stake.

Globalstar also reported first-quarter revenues of $11.6 million, a 290 percent increase over the January-March period in 2002. This jump in revenue was due in part to the acquisition of U.S. service provider operations in the second half of 2002. Globalstar reported a net loss of $15.2 million, an 81percent improvement over last year.