Network Provider Hughes Accepts Globalstar Stock in Lieu of Cash Payment

摘要

Mobile satellite services provider Globalstar Inc. has been spared a portion of what is still likely to be a challenging cash call in 2015 following the agreement by ground network provider Hughes to take payment in Globalstar stock, Globalstar said May 8. Under the agreement, which Globalstar said was struck in April, Germantown, Maryland-based Hughes Network Systems, owned by EchoStar Corp. of Englewood, Colorado, has agreed to take 95 percent of its $16.3 million Globalstar contract payment in stock to be discounted by 7 percent.