Attached files
| file | filename |
|---|---|
| EX-10.1 - Globalstar, Inc. | v207532_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
___________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): December 22,
2010
GLOBALSTAR,
INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or Other Jurisdiction
of
Incorporation)
|
001-33117
(Commission
File
Number)
|
41-2116508
(IRS
Employer
Identification
No.)
|
|
300 Holiday Square Blvd. Covington,
LA
|
70433
|
|
(Address of Principal
Executive Offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (985) 335-1500
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement.
Amendment
to Facility Agreement
On
December 22, 2010, Globalstar, Inc. entered into an amendment to its Facility
Agreement with the lenders and agent party thereto. The amendment
effects the following changes:
|
·
|
delays
the first principal repayment date by up to six months to the earlier of
eight months after the launch of the 24th
second-generation satellite or June 15,
2012;
|
|
·
|
delays
the final maturity date by the amount of the delay to the first principal
repayment date;
|
|
·
|
reduces
the minimum adjusted consolidated EBITDA covenant requirements for all
relevant periods from the period ending December 31, 2010 through the
period ending June 30, 2012;
|
|
·
|
delays
the effectiveness of the minimum debt service coverage ratio by six months
to the period commencing on July 1, 2011 and ending December 31, 2012 if
no principal payment is required to be made in 2011;
and
|
|
·
|
delays
the last date for required in-orbit acceptance of 24 second-generation
satellites by nine months to September 1, 2012 and requires in-orbit
acceptance of 18 second-generation satellites by January 1,
2012.
|
Termination
of Open Range Spectrum Manager Lease Agreement
On
January 5, 2011, Globalstar terminated its Spectrum Manager Lease Agreement with
Open Range Communications, Inc.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
10.1
Amendment #4 to Facility Agreement dated December 22, 2010
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| GLOBALSTAR, INC. | |||
|
|
/s/ Dirk J. Wild | ||
| Dirk J. Wild | |||
|
Senior
Vice President and
Chief Financial Officer
|
|||
Date: January
7, 2011