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Article: Globalstar Acts to Assure Continued Funds for Operations; Suspends Payments On Funded Debt; Retains the Blackstone Group to Advise On Future Financial Initiatives.
- Article from:
- Business Wire
- Article date:
- January 16, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
NEW YORK--(BUSINESS WIRE)--Jan. 16, 2001
Globalstar (GSTRF:NASDAQ) announced today that, in order to have sufficient funds available for the continued progress of its marketing and service activities, it has suspended indefinitely principal and interest payments on all of its funded debt, including its credit facility, vendor financing agreements and Senior Notes, as well as dividend payments on its preferred stock.
This decision, which has been endorsed by Globalstar's partners, is designed to ensure the uninterrupted continuation of Globalstar's satellite-based communications service and further deployment of these services ...