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[Satellite TODAY 05-14-13] Globalstar has announced that the forbearance agreement with respect to the company’s 5.75 percent convertible senior notes due in 2028 has been amended to extend the forbearance period through 11:59 p.m. on May 20, 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. If the process is not completed by May 20, 2013, the forbearance agreement may be extended further by agreement of the parties; however, there is no assurance any further extension will be provided.
"We are obtaining the final approvals from the company’s senior lenders and working through the mechanics of completing the exchange transaction,” Jay Monroe, Globalstar’s chairman and CEO, said. “We look forward to making a public announcement in the very near term."
Any exchange arrangement for the existing notes is subject to final negotiation and execution of definitive agreements. Globalstar is seeking the consent of the lenders under its senior secured credit facility.
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