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 Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0745 sec (13 req/sec)