Marine Link
Monday, September 26, 2016

Globalstar To Conduct Business As Usual

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 Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News