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Orbcomm Seeks
Bankruptcy Auction
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More
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Orbcomm Global,
L.P. has asked for bankruptcy court approval to begin an auction
process to sell the business as a going concern. Orbcomm has been
operating under Chapter 11 protection since September 15, 2000. If
Orbcomm receives bankruptcy court approval for the auction, it
plans to issue an invitation to submit bids to prospective bidders
shortly thereafter. The auction process would then take place
during the rest of the month of February. After evaluating all
bids received, Orbcomm would seek to obtain bankruptcy court
approval of what it concludes represents the "highest and
best" bid in early March, with the transaction closing
shortly thereafter.
Orbcomm
operates a 35 satellite constellation. The company was founded in
February 1990, as a joint venture between Orbital Sciences and
Teleglobe.
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