Globalstar closed its amended and restated facility agreement with the...
Globalstar closed its amended and restated facility agreement with the French export credit agency COFACE. The agreement waives all existing defaults under the existing facility, postpones the first principal payment date to December 2014 and defers $235.4 million in principal…
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payments through December 2019, Globalstar said in a news release (http://bit.ly/1d8jmuQ). It also revises the financial covenants to correspond to Globalstar’s new business plan “reflecting the delay in delivery of its second-generation satellites,” the release said. The mobile satellite service company settled an arbitration dispute with Thales Alenia last year over a delay in the manufacture and delivery of the satellites (CD June 26/12 p18).