Low Earth orbit satellite system operator Globalstar plans to file for Chapter 11 bankruptcy protection to allow it to develop a new business plan to continue operating. Fellow mobile satellite communication company Iridium filed for bankruptcy in 1999, emerging as a scaled down operation earlier this year. The move comes as Globalstar reports losses for the third quarter of $129 million, down 10% on the previous quarter's $144 million, with service revenues for the quarter falling 18% to $1.4 million.
Source: Flight International