8-K 1 y88439e8vk.txt GLOBALSTAR, L.P. ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 10, 2003 ------------- GLOBALSTAR, L.P. ---------------- (Exact Name of Registrant as Specified in Charter) DELAWARE 333-25461 13-3759024 -------- --------- ---------- (State or Other Jurisdiction Commission File Number) (I.R.S. Employer Identification No.) of Incorporation )

3200 ZANKER ROAD, SAN JOSE, CALIFORNIA 95134 -------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: 408-933-4000 ------------ N/A ------------------------------------------------------------- (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) ================================================================================ ITEM 5. OTHER EVENTS. The closing contemplated by the Settlement Agreement and Release, dated April 8, 2003 (the Settlement Agreement"), among Globalstar, L.P. ("Globalstar"), Loral Space & Communications Ltd. ("Loral") and certain of their respective affiliates occurred as of July 10, 2003. Pursuant to the Settlement Agreement, as of the closing, among other things: (1) Globalstar received title to eight spare satellites; (2) certain agreements under which Loral held exclusive rights to provide Globalstar services to certain defense, national security and other governmental agencies and in the aviation market were terminated and a new joint venture owned 75% by Globalstar and 25% by Loral was formed to pursue business opportunities with those governmental agencies ; (3) Globalstar received Loral's interests in the Canadian Globalstar service provider operations; (4) certain financial obligations of Loral-affiliated service providers to Globalstar were settled through reduction in debt obligations owing by Globalstar Canada Co. to Loral and other financial obligations between Globalstar and Loral were restructured; (5) Globalstar received the unused portion of advance prepayments made by it under its 2GHz satellite contract with Space Systems/Loral, Inc., as reduced by certain financial obligations of Globalstar to Loral; (6) Russell R. Mack, Bernard L. Schwartz and Eric J. Zahler, as Loral's designees, resigned from Globalstar's General Partners Committee (the "Committee") and Anthony J. Navarra, President of Globalstar, Megan Fitzgerald, Senior Vice President - Operations of Globalstar, and Daniel P. McEntee, Vice President and Chief Financial Officer of Globalstar, were appointed as members of the Committee; and (7) Globalstar and its subsidiaries and Loral and its subsidiaries and affiliates provided mutual releases of claims and Globalstar and its subsidiaries released any claims against the members of the Committee. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) Financial Statements of Businesses Acquired: Not Applicable. (b) Pro Forma Financial Information: Not Applicable. (c) Exhibits: Not Applicable. SIGNATURE 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, L.P. By: /s/ Daniel P. McEntee --------------------------- Name: Daniel P. McEntee Title: Vice President and Chief Financial Officer Date: July 16, 2003

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 30, 2003

GLOBALSTAR, L.P.

Delaware	333-25461	13-3759024
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
of Incorporation )		Identification No.)

3200 Zanker Road, San Jose, California		95134
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: 408-933-4000

N/A

Item 5. Other Events.

On January 15, 2003, Globalstar, L.P. (the “Partnership”) filed a Form 8-K reporting that it and New Valley Corporation, a Delaware corporation (“New Valley”) had reached an agreement in principle pursuant to which New Valley would invest $55 million as part of a plan of reorganization of the Partnership. As a first step in implementing that agreement in principle, the Partnership and New Valley had entered into a debtor in possession credit agreement (the “DIP Facility”) pursuant to which the Partnership could draw up to $20 million on the terms and subject to the conditions set forth therein.

On January 30, 2003, New Valley notified the Partnership that, due to its inability to reach final agreement with the official committee of unsecured creditors in the Partnership’s bankruptcy proceeding, it was terminating its offer to provide the Partnership with debtor-in-possession financing under the DIP Facility and to make the investment described above. New Valley subsequently delivered to the Partnership a written notice formally terminating the DIP Facility in accordance with its terms.

SIGNATURE

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, L.P. By: /s/ Daniel P. McEntee Name: Daniel P. McEntee Title: Vice President and Chief Financial Officer

Date: February 4, 2003

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