Iridium Exercises 30-Day Grace Period on Bond Payment; -NASDAQ:IRID-
July 16, 1999
WASHINGTON--(BUSINESS WIRE) via NewsEdge Corporation -- As part of its ongoing effort to restructure its financing, Iridium LLC announced today that it would invoke the 30-day grace period allowed for payment of the $90 million in interest due today on its $1.45 billion outstanding senior notes.
The grace period, which is allowed under the terms of the notes, gives Iridium additional time to continue discussions with its creditors and investors concerning the restructuring of its indebtedness.
"It takes time to reach consensus among the players in any restructuring effort," said John Richardson, CEO of Iridium LLC. "The grace period allowed under the terms of the senior notes, along with the extension on our bank facility, gives us time to concentrate on reaching a suitable arrangement for the ongoing commercial operation of this company."
Iridium LLC became the world's first global satellite phone and paging company on November 1, 1998. Its network of 66-low earth orbiting satellites, combined with existing terrestrial cellular systems, enables customers to communicate around the globe. Iridium World Communications, Ltd. (NASDAQ: IRID) is the public investment vehicle of Iridium LLC.
Iridium is a registered trademark and service mark of Iridium LLC IP LLC.
<<Business Wire, 07-15-99, 18:19 Eastern>>
CONTACT: Iridium LLC | Michelle Lyle, Director of Media Relations | 202/408-3818 | Fax: 202/408-3878
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