Technology Industry
Industry: Email Alert RSS FeedICO rolls up bankrupt Globalstar into new company.(News)
RCR Wireless News, May, 2003
Byline: EMILY MOTSAY With help from wireless industry mogul Craig McCaw and his mobile satellite service business ICO Global Communications Ltd., financially ailing MSS provider Globalstar L.P. has been granted a second chance. All assets of bankrupt Globalstar will initially be rolled into a new company, controlled by ICO following ICO's $55 million investment and resulting 54-percent equity stake in the new company.
The remaining 46-percent equity will be distributed among Globalstar's creditors, including Loral Space & Communications, Qualcomm Inc. and holders of Globalstar bonds. According to Globalstar spokesman Mac Jeffery, the companies are exploring how they might work together in the future. In the meantime, Globalstar will continue to...
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