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WIRELESS Lagging Globalstar Calls On Creditors To Let It Buy Time.(A)(Internet & Technology)
Byline: Peter Benesh
Investor's Business Daily
With only 31,200 subscribers for its satellite phone service, which needs about1 million subscribers to break even, Globalstar Telecommunications Ltd. is trying to "buy time."
Chief Executive Bernard Schwartz used that exact phrase on Tuesday as he pleaded with creditors to grant the company a stay of execution. Schwartz dodged the words on the lips of analysts: default and bankruptcy.
Call it buying time, defaulting
or whatever, Globalstar on Tuesday said it will stop paying its dividends and repaying loans, and will rewrite its business plan within six weeks. Schwartz promised that employees and suppliers will be paid.
Will creditors let the …
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