Jan 15, 2003, 3:27 PM by (staff)
Investment group New Valley Corp. said today that it will invest $55 million in satellite telephone company Globalstar, saving the bankrupt satellite-telephone company from an almost certain death. Under the agreement, New Valley would own the majority of Globalstar, and its creditors would own the remainder. The proposal is subject to approval by the Delaware bankruptcy court. Globalstar defaulted on loans to its founding companies in early 2001 and filed for bankruptcy protection in Feb. 2002.
Apple Awards Face ID Laser Company Finisar with $390 Million
Apple today said it plans to invest $390 million in Finisar, the Texas-based supplier of its VCSEL (vertical-cavity surface-emitting lasers) wafers. Apple uses the VCSEL technology in the iPhone X to power Face ID, Animoji, and portrait photography in the TrueDepth camera.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
Big Tech Firms Settle Wage Suit Terms
Apple, Google, Intel, and Adobe have agreed to new payout terms to settle a lawsuit over hiring practices in Silicon Valley. In 2011, former workers alleged the companies conspired to not poach one another's employees in order to avoid a salary war.
Kik Exploring Financial Partnership or Outright Sale
Kik Interactive, the company behind the Kik messaging service, is exploring strategic options including a sale or investment. Kik has hired Qatalyst Partners to help it set up face time with investors in Silicon Valley and Asia, according to Bloomberg.