U.S. Bankruptcy Court, Wilmington, Del., approved Globalstar prel...
U.S. Bankruptcy Court, Wilmington, Del., approved Globalstar preliminary financing agreement on interim basis, company said. Plan proposed investments by 5 entities totaling $10 million (CD Feb 21 p5). Court authorized Globalstar to borrow up to $4 million and said…
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it would consider entire $10 million in 2nd hearing March 6. Investors must qualify by March 7 and submit proposals by March 21, company said, and winning bids will be announced in early April.