By Ben King, 14 November 2001 17:00
NEWS Satellite communication system GlobalStar has filed for bankruptcy as it struggles to find a way to stay in business. Like high-profile Motorola-backed satellite network Iridium, GlobalStar uses a network of low-earth orbit satellites to provide global coverage. GlobalStar never signed up enough customers to make a viable business, losing $129m in the financial quarter ended September 30, neither did Iridium, which filed for bankruptcy in 1999. The company has now filed for bankruptcy protection and is negotiating a deal with its creditors to allow it to carry on providing a service to its 60,000 customers. GlobalStar is backed by a number of large telecoms companies, including Vodafone.
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