Globalstar settles on Chapter 11
Unable to formulate a restructuring plan, Globalstar had little choice but to file for Chapter 11 bankruptcy protection. The satellite-telephony company, which had been expected to seek bankruptcy, has maintained its operations should continue uninterrupted after the filing.
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Globalstar, which filed for bankruptcy in Delaware, said a new company would be created and owned by its current bondholders and other unsecured creditors. Therefore, current assets, including satellites, will be transferred to the new entity.
--Kelly Carroll, staff writer
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© 2012 Penton Media Inc.
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