Globalstar Emerges Debt-Free From Chapter 11
Globalstar LLC, a handheld satellite phone service that operates in all of the most populated regions of the world, today announced the completion of its financial restructuring following the formal acquisition of its main business operations and assets by Thermo Capital Partners LLC.
The new owners of Globalstar also announced a number of additional corporate initiatives and commitments intended to help ensure Globalstar’s long-term financial stability as well as to foster growth and to expand its service to such new vertical markets as homeland security. As previously announced in December 2003, Thermo agreed to invest $43 million to acquire 81.25 percent of a newly formed Globalstar company. The remainder of Globalstar’s equity will be distributed to the creditors of the original company, Globalstar, L.P.
Further details and analysis about Globalstar’s revamping can be found in the April 19 issue of Satellite News. For more information about subscribing to PBI Media’s satellite newsletters, check out our Web site at www.satellitetoday.com.