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Globalstar Announces New Investor
Press Release, Nov 18, 2003
SAN JOSE, CA, November 18 —Globalstar today announced that it has filed a notice of material terms of a proposed transaction with the U.S. Bankruptcy Court in Delaware. Globalstar has requested Court approval for a new acquisition agreement with Thermo Capital Partners, which would give Thermo an 81.25% ownership of a new company that would take control of Globalstar’s assets and operations, in exchange for a cash investment of up to $43 million. The remaining 18.75% of the equity interests in the new company will be available to Globalstar for distribution to its creditors. Additionally, Globalstar’s creditors will have the right to purchase additional equity interests in the new company for an aggregate ownership interest of up to 33.87%. View more...
