Globalstar

, a partnership of telecommunications service providers and equipment makers, reported a third-quarter loss of $211.2 million before preferred dividends. Separately, a report indicated that founding partner

Loral Space & Communications

(LOR) - Get Report

would

cut off new financial support for the venture in which it owns a 40% stake.

The loss equaled $3.54 for each unit of partnership interest. The loss applicable to common shareholders of

Globalstar Telecommunications

(GSTRF)

was $97.5 million, or $1 a share. Analysts expected the loss applicable to common shareholders to come in at 90 cents a share, according to

First Call/Thomson Financial

.

In the year-ago period, the partnership lost $41 million, while the loss applicable to Globalstar Telecommunications common shareholders totaled $16.8 million, or 20 cents a share.

Gross service revenue for the third quarter totaled $1 million, compared with $483,000 in the second quarter. The company didn't record any revenue in the year-ago third quarter.

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During the quarter, five of Globalstar's founding partners purchased $56 million in equity from the company. The company is also in the process of raising additional funds through a $105 million share purchase agreement with

Bear Stearns

(BSC)

. On Sept. 30, Globalstar had $286 million in cash, which is sufficient to fund Globalstar through May.

In addition to Loral, other members of the partnership include

Qualcomm

(QCOM) - Get Report

,

Alenia

,

China Telecom

and

DaimlerChrysler Aerospace

.

Shares of Globalstar Telecommunications were recently down $3.38, or 56.3%, to $2.63.