Globalstar to Cut Work Force to Save
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Globalstar Telecommunications Ltd., a satellite-telephone firm, said it will eliminate about half its work force in the next month, leaving 175 to 180 full-time employees in the third quarter.
Globalstar said it had $98 million in cash on June 30, enough to last through the end of this year. New York-based Globalstar defaulted in January when it stopped paying down its debt.
Globalstar, which is part owned by Loral Space & Communications Ltd., also said its second-quarter loss narrowed to $37.7 million, or 40 cents a share, after the payment of preferred dividends, from a loss of $86.7 million, or 98 cents, a year ago.
Globalstar’s shares rose 1 cent to 33 cents on Nasdaq. Loral shares fell 21 cents to $1.57 on the New York Stock Exchange.
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