COVINGTON, La., May 6, 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 May 13, 2013 as negotiations with the forbearing note holders continue. In addition, the extension will allow additional time as the Company seeks to obtain the required consents from the Company's senior secured lenders with respect to an exchange transaction. To the extent this process is not complete by May 13, 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 Further Extension Of Forbearance Agreement Regarding 5.75% Senior Notes
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