Orbcomm, Subsidiaries File for Bankruptcy
After having future financing cut off by both its parent companies, Orbcomm Global and seven of its subsidiaries filed for bankruptcy protection on Sept. 15.
Orbcomm is owned by Montreal-based Teleglobe Inc. and Orbital Sciences Corp. of Herndon,Va. Orbital cut off funding to Orbcomm last year. Teleglobe cut off funding after a $17 million infusion of cash for interim debt financing in August. That money will keep Orbcomm operating for the next few months, the company announced.
For the full story, see the Sept. 25 print edition of Transport Topics. Subscribe today.
One of those subsidiaries is Vantage Tracking Solutions, which sells trailer-tracking services to trucking companies.
The Dulles, Va.-based firm filed for Chapter 11 relief in U.S. Bankruptcy Court in Delaware. It filed for bankruptcy protection after it was unable to make $12 million in interest payments to bondholders.
 |  |
