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

Finance

OW Bunker Bankruptcy has ‘Limited Impact’ on Monjasa

Though OW Bunker’s collapse has varyingly affected many companies around the globe, Danish bunker fuel provider Monjasa A/S said in a statement that the news holds

Sustainability Report: Carnival Ahead of Emissions Goal

Carnival Corporation & plc released a report today detailing its sustainability efforts, including initiatives which enabled the company to meet its corporate goal

EU Funds Study into New Aberdeen Harbor

The EU's TEN-T Program will invest over $940,000 for development studies for a new harbor at Nigg Bay in Aberdeen, Scotland. The harbor is to support the existing

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.0820 sec (12 req/sec)