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.
Turing Robotic Industries Declares Bankruptcy
Turing Robotic Industries, a company that promised to create a sleek, secure smartphone nearly three years ago, has moved into insolvency. TRI was located in Finland and formed by some ex-Nokia employees.
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.
LG and Samsung Sued Over Hiring Practices
A former LG employee is suing both LG and Samsung, alleging the companies have a no-recruit agreement between them in the U.S., which can impact employees' potential earnings. Accuser A.