Financially troubled Globalstar took the unusual step of deliberately defaulting on a $250 million bank credit line to get an additional six months of cash for its faltering satellite phone service. The default forced Globalstar’s guarantors of the credit line to repay the debt and, in return, accept Globalstar notes payable in three years. Since the guarantees were offered in 1996, none of the guarantors could back out of the arrangement due to Globalstar’s problems in achieving its sales goals since beginning service earlier this year. The financing move gives Globalstar enough cash to operate until next spring, instead of facing a money crunch in September or October this year.