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BUSINESS
November 12, 1997 | Bloomberg News
Globalstar said the start of its satellite-based telecommunications services will be delayed because further testing is needed on equipment that will monitor its satellites. The additional testing will push back the launch of the first four satellites in Globalstar's planned orbiting network to February, about two months later than scheduled. That delay will put off the scheduled launches of the other 40 satellites set for next year.
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BUSINESS
August 23, 2013 | By Paresh Dave
Creating some competition for AT&T, Kindle-maker Amazon.com Inc. tried out a proposed new wireless service earlier this year, Bloomberg reported. With companies such as Amazon, Netflix and Google providing a growing array of data-hogging video services, there's growing congestion on cellular and Wi-Fi spectrums. Satellite service provider Globalstar has sought to provide some ground-based wireless data services by asking the Federal Communications Commission to open up a new channel for Wi-Fi.
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BUSINESS
November 14, 2001 | Associated Press
Troubled satellite phone provider Globalstar announced plans to restructure its business and file for bankruptcy protection. The San Jose-based company, which was founded by several leading telecommunications firms, said it is negotiating a deal with creditors so it can continue to provide service. Under the bankruptcy filing expected by the end of the year, all partnership interests probably will be severely diluted, meaning they would have little value or be eliminated entirely.
BUSINESS
April 29, 2003 | From Associated Press
Wireless pioneer Craig McCaw is taking control of satellite phone provider Globalstar in a $55-million deal. The deal, approved in Bankruptcy Court on Friday and announced Monday, gives McCaw's ICO Global Communications Ltd. a 54% stake in Globalstar, which burned through $4 billion before filing for Chapter 11 protection last year. The remaining 46% will be held by creditors, including Loral Space & Communications Ltd. and Qualcomm Inc.
BUSINESS
May 16, 2001 | Reuters
Globalstar, a provider of mobile telephone service via satellite, posted a wider first-quarter loss and said it continues to review various restructuring proposals, even as it defaulted on debt and took three satellites out of service due to operational problems. The company also said Bernard Schwartz resigned as chairman and chief executive as part of the company's overall restructuring. Olof Lundberg, who previously led rival ICO Global Communications Ltd., was named to succeed Schwartz.
BUSINESS
September 11, 1998 | From Reuters
Globalstar Telecommunications Ltd. said Thursday that it lost 12 satellites worth $180 million when a rocket failed during launch, delaying completion of its $2.6-billion satellite-based global communications network. News of the loss, although covered by insurance, sent the San Jose-based company's stock plunging $7.13, or 40%, to $10.75 in heavy trading on Nasdaq. Shares of Loral Space & Communications Ltd., which owns 42% of the Globalstar consortium, fell $5.
BUSINESS
April 3, 2001 | From Bloomberg News
Globalstar, the holding company that owns Globalstar Telecommunications Ltd., said it may shut down by the end of this year if it is unable to raise more cash, according to a filing with the U.S. government. Globalstar had $197 million in cash and cash equivalents at the end of 2000, enough to last through 2001, it said in a filing with the Securities and Exchange Commission. The company's largest shareholder is Loral Space & Communications Ltd.
BUSINESS
April 29, 2003 | From Associated Press
Wireless pioneer Craig McCaw is taking control of satellite phone provider Globalstar in a $55-million deal. The deal, approved in Bankruptcy Court on Friday and announced Monday, gives McCaw's ICO Global Communications Ltd. a 54% stake in Globalstar, which burned through $4 billion before filing for Chapter 11 protection last year. The remaining 46% will be held by creditors, including Loral Space & Communications Ltd. and Qualcomm Inc.
BUSINESS
May 4, 2000 | AMY HELLICKSON, BLOOMBERG NEWS
Loral Communications Ltd. shareholders are calling for the company to sell its 45% stake in Globalstar Telecommunications Ltd., whose stock has tumbled this year. Globalstar is the only satellite-phone company that hasn't filed for bankruptcy protection or shut down. The firm's shares have dropped 73% since January after Iridium collapsed and investors began to wonder whether a market for satellite phones exists. Investors are pushing Loral, the second-largest satellite operator in the U.S.
BUSINESS
September 6, 1999 | From Bloomberg News
Globalstar Telecommunications Ltd. said it named a group of executives to its senior operating team prior to the introduction later this month of its satellite-based telephone network. Anthony Navarra, who had been Globalstar's acting chief operating officer, became its president on Wednesday, the New York-based company said. A number of lesser executives were also named to expanded roles.
BUSINESS
February 16, 2002 | From Reuters
Globalstar said Friday that it filed for Chapter 11 bankruptcy protection, as it had warned it would three months ago, under a restructuring plan worked out in advance with its major creditors. Globalstar was launched in 1994 with the goal of creating a global mobile telephone system for business travelers and others but was hurt by high operating costs, heavy and unattractive handsets and the steep rates charged to customers.
BUSINESS
November 14, 2001 | Associated Press
Troubled satellite phone provider Globalstar announced plans to restructure its business and file for bankruptcy protection. The San Jose-based company, which was founded by several leading telecommunications firms, said it is negotiating a deal with creditors so it can continue to provide service. Under the bankruptcy filing expected by the end of the year, all partnership interests probably will be severely diluted, meaning they would have little value or be eliminated entirely.
BUSINESS
August 14, 2001 | Bloomberg News
Globalstar Telecommunications Ltd., a satellite-telephone firm, said it will eliminate about half its work force in the next month, leaving 175 to 180 full-time employees in the third quarter. Globalstar said it had $98 million in cash on June 30, enough to last through the end of this year. New York-based Globalstar defaulted in January when it stopped paying down its debt. Globalstar, which is part owned by Loral Space & Communications Ltd., also said its second-quarter loss narrowed to $37.
BUSINESS
July 4, 2001 | YUKARI IWATANI, REUTERS
Qualcomm Inc. withdrew its offer to become a lead investor in a restructuring plan to save troubled satellite telephone company Globalstar, leaving Globalstar scrambling for another plan, sources close to the situation told Reuters on Tuesday. The sources also said TE.SA.
BUSINESS
May 16, 2001 | Reuters
Globalstar, a provider of mobile telephone service via satellite, posted a wider first-quarter loss and said it continues to review various restructuring proposals, even as it defaulted on debt and took three satellites out of service due to operational problems. The company also said Bernard Schwartz resigned as chairman and chief executive as part of the company's overall restructuring. Olof Lundberg, who previously led rival ICO Global Communications Ltd., was named to succeed Schwartz.
BUSINESS
April 3, 2001 | From Bloomberg News
Globalstar, the holding company that owns Globalstar Telecommunications Ltd., said it may shut down by the end of this year if it is unable to raise more cash, according to a filing with the U.S. government. Globalstar had $197 million in cash and cash equivalents at the end of 2000, enough to last through 2001, it said in a filing with the Securities and Exchange Commission. The company's largest shareholder is Loral Space & Communications Ltd.
BUSINESS
March 25, 1994 | From Times Staff and Wire Reports
A worldwide consortium of 10 telecommunications companies, including PacTel Corp., announced plans Thursday to invest in a $1.8-billion satellite-based telephone network aimed at undercutting competitors' costs by simplifying the connections between Earth and space. Led by Loral Corp. and Qualcomm Inc.
BUSINESS
February 16, 2002 | From Reuters
Globalstar said Friday that it filed for Chapter 11 bankruptcy protection, as it had warned it would three months ago, under a restructuring plan worked out in advance with its major creditors. Globalstar was launched in 1994 with the goal of creating a global mobile telephone system for business travelers and others but was hurt by high operating costs, heavy and unattractive handsets and the steep rates charged to customers.
BUSINESS
October 31, 2000 | PETER PAE, TIMES STAFF WRITER
Shares of Globalstar Telecommunications Ltd., the last surviving satellite-based mobile telephone service, plunged by more than 60% Monday as investors questioned its viability amid disappointing third-quarter earnings and a report that a stakeholder would no longer invest in the company. The latest decline put the San Jose-based company in jeopardy of joining Iridium and ICO Global Telecommunications Inc.
BUSINESS
August 21, 2000 | MICHAEL WHITE, ASSOCIATED PRESS
More than 800 miles above Earth, 48 Globalstar Inc. satellites speed silently through space, waiting to beam telephone calls to and from the world's remote places. By all accounts, Globalstar's $4-billion system works beautifully. Using a Globalstar handset, a tourist backpacking in the Australian Outback can call a friend in Milwaukee. A salesman in Slovenia can dial up the home office in New York. The problem is, hardly anyone is calling.
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