Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 59.92

+1.8%

12:21 PM EST

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To: Rocket Scientist who wrote (6423)	8/11/1999 7:08:00 PM
From: djane	Read Replies (2) of 29987

Bloomberg. Iridium Declares Default on Bank Loans Totaling $1.5 Billion Washington, Aug. 11 (Bloomberg) - Iridium LLC, the cash- strapped satellite-telephone company, said it defaulted on its $800 million syndicated bank loan and a $750 million bank loan guaranteed by Motorola Inc. Last week, Chase Manhattan Corp. declared the $800 million loan in technical default. The announcement wasn't unexpected, analysts said. The crucial date for Iridium is Monday, when it must make an interest payment of $90 million on $1.45 billion in bonds. Iridium shares fell 3/8 to 5 15/16. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min

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