The Federal Communications Commission (FCC) formally approved a request to transfer control of Globalstar’s operating license and regulatory authorizations to a new Globalstar operating company majority-owned by Thermo Capital Partners.

Thermo Capital Partners agreed to acquire Globalstar’s marketing and operating assets in December 2003, subject to certain conditions, including the FCC transferring the licenses. The last step toward completion of Thermo’s acquisition is the approval by a bankruptcy court on the settlement agreement between Globalstar, Globalstar’s creditors’ committee, Thermo and Qualcomm [QCOM]. A hearing on the settlement is scheduled for March 31.