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Globalstar Resumes Discussions with Potential Investors
Globalstar, L.P. confirmed today that New Valley Corp. has terminated its agreement with Globalstar under which it would have provided debtor-in-possession ("DIP") financing and would have acquired a controlling interest in the company. Globalstar is now continuing discussions with potential investors, and the company is confident that another restructuring plan will be developed in the future. Members of the Globalstar Creditors Committee have already indicated that they intend to provide their own debtor-in-possession financing. Globalstar also will immediately begin to explore investment possibilities with additional companies. Related Links Globalstar SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express 
New Valley Offers $55 Million In Exchange For Globalstar Control
San Jose - Jan 16, 2003Globalstar, the world's most popular handheld satellite phone service, and New Valley Corporation announced Wednesday an agreement under which New Valley will provide Globalstar with debtor-in-possession financing as the first step toward assuming majority ownership of a new, reorganized Globalstar company. Subject to approval by the U.S. Bankruptcy Court in Delaware, the agreement calls for New Valley to make a total investment of $55 million in Globalstar. |
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