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Thermo Wins Bid To Refinance Globalstar
San Jose - Apr 08, 2003 Globalstar, the world's most widely-used handheld satellite phone service, today announced the completion of its auction to select an equity investor who will fund the company toward the completion of its Chapter 11 process. Globalstar, in consultation with its official committee of unsecured creditors, selected Thermo Capital Partners as the successful bidder. Under its proposal, which is subject to approval by the U.S. Bankruptcy Court in Delaware, Thermo will invest up to $55 million in exchange for a 67% stake in Globalstar. The remainder of the equity will be held by the company's creditors, which include Loral Space & Communications, Qualcomm Incorporated and holders of Globalstar L.P. bonds. Today's announcement represents the conclusion of a seven-week, court-approved process in which Globalstar and the creditors' committee worked with several potential investors toward the final auction earlier this week. As next steps, Globalstar will seek confirmation of the auction results by the Bankruptcy Court and will work with Thermo to document the proposal. Thermo Capital Partners is part of the Thermo Companies, based in New Orleans, LA, and Denver, CO, a highly successful group of privately-held companies focused on opportunities in the telecommunications, power generation, natural resources and real estate industry. Community Email This Article Comment On This Article Related Links Globalstar Thermo Capital Partners SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express Satellite Constellation - multiple satellite deployments in LEO and Beyond
Royal National Lifeboat Institution Tests Iridium Based Satellite Tracking System
Bethesda MD (SPX) Dec 20, 2005The Royal National Lifeboat Institution (RNLI) has begun testing a maritime safety system for automatic vessel monitoring and emergency alerting at sea using the Iridium satellite network. |
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