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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 61.98

+2.2%

3:59 PM EST

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To: djane who wrote (5297)	6/22/1999 4:20:00 PM
From: djane	Read Replies (2) of 29987

Moody's cuts ICO Global Communications Tuesday June 22, 11:39 am Eastern Time (Press release provided by Moody's Investors Service) NEW YORK, June 22 - Moody's Investors Service today downgraded the senior unsecured debt ratings of ICO Global Communications (Holdings) Limited (''ICO'') to Caa2 from B3, the rating is also on review for possible further downgrade. This rating action is prompted by ICO's difficulty in raising sufficient funds to implement its business plan. ICO is a satellite-based mobile telephony project that plans to be third to market after Iridium and Globalstar. It is farther behind those two projects in attracting the capital necessary to deploy its satellite constellation and offer commercial service. To date, ICO has raised approximately $3 billion of a required $4.7 billion to deploy its satellite network and offer commercial service. To partially fill this funding gap, ICO has been attempting to complete a rights offering to raise a minimum of $500 million but as extended the expiration of this offer twice after having failed to achieve that minimum. The current expiration date for this rights offering is July 27, 1999. Should that minimum amount be raised, ICO would still need another $1.2 billion in capital just to deploy initiate commercial service, after which additional funding would be required to cover initial cash flow losses. Moody's review will focus on ICO ability to attract sufficient capital to implement its business plan, as well as the broader issues of the depth of the satellite telephony market. More Quotes and News: ICO Global Communications (Holdings) Ltd (Nasdaq:ICOGF - news) Related News Categories: options, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved.

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