GlobalStar to accept bids through Nov. 10

Chicago, Nov. 3 - Globalstar LP said it will accept bids for its assets until Nov. 10.

GlobalStar filed a motion with the U.S. Bankruptcy Court, District of Delaware to sell the company's assets and operations to a new investor in a private sale transaction.

A court hearing to approve the sale transaction has been scheduled for Nov. 20.

The bidding process is in line with the plan that Globalstar described last week as part of its announcement that ICO Global Communications Ltd. might not complete its own plan to acquire Globalstar.

During the course of the current sale process, Globalstar's day-to-day business operations are continuing as usual, and the company hopes to complete the sale of its assets and services to a new investor in the near future, followed by the completion of its Chapter 11 process.

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