Statement from Van Greenfield, Chairman of Globalstar LP Creditors Committee, Regarding Court Approval of Assets Sale and a Pote

Statement from Van Greenfield, Chairman of Globalstar LP Creditors Committee,
Regarding Court Approval of Assets Sale and a Potential Higher Bid by Cogent
Communications Group, Inc. 


NEW YORK, Nov. 24  /PRNewswire/ -- Background

Globalstar, LP, a satellite telephone company, received approval on November 20
in a court hearing before Judge Peter Walsh at the U.S. Bankruptcy Court in
Wilmington, Delaware for a sale of its assets to Thermo Capital Partners LLC. 
The Court also granted a $1.9 million break-up fee and other bidder protections
for Thermo.

During the Court hearing, Cogent Communications Group, Inc. (American Stock
Exchange Symbol COI) also indicated its desire to engage in a transaction.

Cogent believes that its offer, based on the last 20 days average closing prices
of Cogent stock, would include more than $100 million in fully registered,
freely tradable Cogent stock to be distributed to Globalstar creditors.  The
Creditors Committee is in the midst of its due diligence on the proposed Cogent
transaction and has no opinion on this valuation.

Under the terms of the Thermo deal, Thermo will pay $43 million in cash and
assume $10 million in debt in exchange for Globalstar's assets and an 81.25
percent stake in the new company.  Globalstar will retain the remaining 18.75
percent to pay unsecured creditors.  In addition, Globalstar's creditors will
have the right to purchase additional equity interests in the reorganized
company.  It is expected that the parties to the Thermo transaction shall
execute definitive documents by December 2, 2003.

The possibility exists that some other party may make an offer to purchase
substantially all of the assets of Globalstar.  In such event, Globalstar and
its Official Creditors Committee will review any such offer to determine whether
it represents more value than the Thermo transaction.

  Statement by Van Greenfield, Chairman of the Official Committee of
  Unsecured Creditors for Globalstar, LP:


"I am pleased with the outcome of the November 20 hearing before Judge Walsh in
the U.S. Bankruptcy Court in Wilmington, Delaware.

"The hearing established Thermo as the current highest and best offer for the
primary assets of Globalstar.  Cogent Communications also outlined a competing
offer during courtroom proceedings.  Consistent with its fiduciary duties, the
Creditors Committee is actively evaluating this proposal and is conducting due
diligence to make a final recommendation to the Court."

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.  These statements provide our expectations or forecasts of
future events.  Actual results could differ materially as a result of known or
unknown risks and uncertainties and other factors, including Globalstar's
ability to secure sufficient funding under credit facilities or from other
sources, to restructure its debt, the acceleration of existing debt facilities
and the exercise of remedies with respect thereto, and other risks,
uncertainties and factors disclosed in the most recent report on Form 10-K and
reports on Form 10-Q and Forms 8-K of Globalstar Telecommunications Ltd. and
Globalstar, L.P. filed with the Securities and Exchange Commission. We undertake
no obligation to update any forward-looking statement. 

DATASOURCE: Globalstar, LP



CONTACT:  Amy Greenfield, Esq. of Van Prooyen Greenfield LLP,

[phone], for Globalstar, LP

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