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Globalstar files chapter 11.
Byline: Olaf de Senerpont Domis
Like many of its former rivals, satellite telephone service provider Globalstar LP has finally crashed to earth, announcing late Feb. 15 that it has filed for Chapter 11 bankruptcy protection.
Embattled Globalstar, which in November warned that it would seek federal bankruptcy protection, said that while demand for its service has continued growing, the cost of servicing its debt has grown beyond what its revenue stream can handle.
Olof Lundberg, chairman and CEO of Globalstar, said in a statement that the move would help return his company to "credibility."
"Potential customers have told us that we need …
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