Globalstar didn’t pay a $67 million award it was ordered...
Globalstar didn’t pay a $67 million award it was ordered to pay in an arbitration dispute with Thales Alenia, and said it may file for bankruptcy. The American Arbitration Association ruled in favor of Thales and ordered Globalstar to pay…
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the amount by June 9 (CD May 22 p13). Globalstar said it continues to engage in discussions with Thales “in an effort to reach a consensual resolution.” Globalstar asked the arbitration panel to step in when Thales was delayed in manufacturing satellites for the company under contract. If no resolution is reached, and if the award is “confirmed, final and non-appealable and thereafter remains unpaid without resolution, or if Thales terminates the construction agreement, there are likely to be materially negative consequences to Globalstar,” Globalstar said. The company said it may seek protection under Chapter 11.