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.