Globalstar To Conduct Business As Usual

Thursday, February 28, 2002
Globalstar announced that the U.S. Bankruptcy Court in Delaware has approved all of the company's first day motions, allowing Globalstar to continue normal course operations and, with the support of the Company's service providers, further assuring uninterrupted telecommunications service for its customers. The Court approval, which was granted on February 21, follows Globalstar's filing on February 15 of a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the same court. Globalstar will conduct business as usual with respect to customers, employees and most suppliers. This includes payment of employee salaries and benefits and payment for goods and services provided after February 15, 2002. As a result, Globalstar will continue its work on finalizing and implementing its new business plan as outlined in last week's announcement, and the company expects to file a complete plan of restructuring with the Court in the coming weeks.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0561 sec (18 req/sec)