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Industry: Email Alert RSS FeedGlobalstar seeks Chapter 11 protection. (News).
RCR Wireless News, February, 2002
SAN JOSE, Calif.--Globalstar L.P. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware after reaching an agreement with several of its major creditors. Normal operations and customer support will continue uninterrupted while Globalstar reorganizes. The proposed restructuring plan calls for establishing a new Globalstar company that will take ownership of all the existing assets and acquire equity stakes in Globalstar USA, Globalstar Canada and Globalstar Caribbean.
The new company will be owned by Globalstar L.P.'s existing bondholders. All existing partnership interests also will be cancelled under the reorganization plan. This action likely will leave shares in Globalstar Telecommunications Ltd., the publicly...
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