New Valley Corp., an investment group, said Thursday it terminated an agreement to infuse $55 million into Globalstar LP and help the satellite telephone company emerge from bankruptcy.

New Valley said it was ending its plan to provide debtor-in-possession financing and acquire a controlling interest in Globalstar due to its inability to reach a final agreement with the company's creditor committee, Reuters reported.

The proposal, reached more than two weeks ago, included $20 million in debtor-in-possession financing and an additional $35 million in financing if the Delaware bankruptcy court approved the transaction. Still to be negotiated was exactly how much of a stake New Valley and Globalstar's creditors would own once the company emerged from bankruptcy.

Miami-based New Valley said it will continue to seek opportunities to acquire additional companies.