Content area
Full Text
Key meetings are occurring at financially struggling Orbital Communications this week with a potential Wall Street backer that could become a major investor in the global, mobile satellite data and messaging service.
Orbcomm last week cut 100 jobs to reduce its workforce to 260 employees, following the elimination of 112 positions at the end of June. The first job cut was carried out to reduce expenses and allow costs to equal the company's revenues and funding sources, while the latest round of layoffs involved a change in the company's sales and marketing strategy, said Scott Webster, Orbcomm's CEO.
Orbcomm announced late Friday that it had obtained $17 million in cash from its two-thirds owner, Teleglobe Inc. of Montreal, to support its near-term operations. The remainder is owned by Orbital Sciences (ORB) of...