COVINGTON, La., April 22, 2013 (GLOBE NEWSWIRE) -- Globalstar, Inc. (OTCBB:GSAT) announced today that the forbearance agreement with respect to the Company's 5.75% Convertible Senior Notes due 2028 (the "Existing Notes") has been amended to extend the forbearance period through 11:59 pm (ET) on April 29, 2013 as negotiations with the forbearing note holders continue. Additionally, the extension will allow additional time to obtain required consents from the Company's senior secured lenders regarding an exchange transaction. To the extent this process is not complete by April 29, 2013, the forbearance agreement may be extended further by agreement of the parties; however, there is no assurance any further extension will be provided.
Globalstar Announces Extension Of Forbearance Agreement Regarding 5.75% Senior Notes
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.