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.
Pantech Files for Bankruptcy In the US
Pantech's U.S. operations filed for Chapter 15 bankruptcy today, following similar legal moves in the company's home market of Korea.
RadioShack Weighing Bankruptcy
RadioShack is considering whether or not to file for Chapter 11 bankruptcy protection as its cash reserves dwindle. The company ended its most recent quarter with just $30.5 million in cash on hand, with debts totaling $658 million.
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.
Pantech Puts Itself Up for Sale
Pantech, based in Korea, has staked a For Sale sign in its front lawn. The company, which declared the equivalent of bankruptcy last month, is seeking a buyer to scoop up the entire business.