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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT
GSAT 54.41+7.1%Oct 31 9:30 AM EDT
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From: pcstel2/6/2023 9:14:08 PM
   of 29986
 
Only 6 days away violating the "Partnership Agreement" Where is the $500MM in funding that was supposed to be secured by the End of 2022?
From the 10-Q dated 9/7/22

The Partnership Agreements require Globalstar

(i) upon commencement of the Services, to convert all loans outstanding under the 2019 Facility Agreement that are held by affiliates of the Thermo Companies (collectively, “Thermo”) into non-convertible perpetual preferred stock with a cash pay interest rate of 7% per annum or lower, convertible preferred stock with cash pay interest rate of 4% per annum or lower, common stock, or another security acceptable to Partner (the “Thermo Debt Conversion”) and

(ii) within 90 days of the commencement of the Services, to refinance or convert all loans outstanding under the 2019 Facility Agreement that are held by persons other than Thermo on terms that are no less favorable to the Company than the Thermo Debt Conversion.


So they have to get Echostar to refinance its ~$200MM in secured notes, currently paying 13.5%, to Preferred Stock with a cash pay interest rate of 7%.


So the ~$200MM Echostar Senior Secured Notes paying 13.5%, will need to be reduced to unsecured Preferred Stock paying 7% by the 15th of Feb.
Not sure Charlie is going to go along with this.
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