COVINGTON, La., April 15, 2013 (GLOBE NEWSWIRE) -- Globalstar, Inc. (OTCBB:GSAT) announced today that the previously announced forbearance agreement with respect to the Company's 5.75% Convertible Senior Notes due 2028 (the "Existing Notes") has been extended. The amendment extends the forbearance period through 11:59 pm (ET) on April 22, 2013. The extension will provide additional time for the Company to continue negotiations and documentation with the forbearing noteholders with respect to the terms of a restructuring transaction and to obtain consents from the Company's senior secured lenders to the transaction. To the extent this process is not complete by April 22, 2013 the forbearance agreement may be extended further by agreement of the parties; however, there is no assurance any further extension will be provided. Since the initial execution of the forbearance agreement, additional holders of the Existing Notes have joined in the agreement, increasing the percentage of forbearing holders from 78% to 85% of the principal amount of the Existing Notes outstanding.
Globalstar Announces Extension Of Forbearance Agreement Regarding 5.75% Senior Notes
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