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.
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.
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.
Sprint May Scoop Up Half of RadioShack's Stores
RadioShack and its creditors might sell half the company's stores to Sprint and close the remaining locations, reports Bloomberg. Sources familiar with the companies' plans suggest Sprint would rebrand the RadioShack stores, which would cease to exist as stand-alone electronics stores.