Thales Alenia Space welcomes Globalstar funding news ensuring second-generation constellation production
Cannes, July 6, 2009 – Thales Alenia Space welcomes the announcement by Globalstar, Inc. that it has received complete financing for its second-generation satellite constellation. As prime contractor on this program, Thales Alenia Space had adjusted its satellite production rate to enable its customer to finalize negotiations with its consortium of banks. Thales Alenia Space had also supported the company’s application to receive a guarantee from the trade-credit insurance company Coface.
Based on this major milestone, the parties signed an amendment to the initial contract, specifying in particular the adjusted conditions for production and the new satellite delivery timetable, enabling launches to start in 2010.
About Thales Alenia Space
European leader in satellite systems and a major player in orbital infrastructures, Thales Alenia Space is a joint venture between Thales (67%) and Finmeccanica (33%). Thales Alenia Space and Telespazio embody the two groups’ “Space Alliance”. Thales Alenia Space sets the global standard in solutions for space telecoms, radar and optical Earth observation, defense and security, navigation and science. The company has a total of 7,200 employees and 11 industrial sites, with design and manufacturing facilities in France, Italy, Spain and Belgium. www.thalesaleniaspace.com