Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 67.82

-0.9%

3:59 PM EST

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To: djane who wrote (6425)	8/11/1999 5:54:00 PM
From: djane	Read Replies (1) of 29987

IRID press release 2) DJN 14:21 DJ Iridium Says Defaulted On $800M, $750M Credit Facilities 3) DJN 14:21 +DJ Iridium: Bank Waiver Of $800M Credit Expired Wed >IRID 4) BN 14:17 IRIDIUM DEFAULTS UNDER CREDIT FACILITIES :IRID US Top>Business & Finance>Investments>Sectors>Services>Communications Services>IRID (Iridium World Comm. Ltd.) Iridium's Press Release by: shaggy_64 (M/USA) 25877 of 25886 August 11, 1999 IRIDIUM LLC BANK WAIVER EXPIRES, COMPANY CONTINUES TO CONSIDER RESTRUCTURING OPTIONS WASHINGTON, D.C. - Iridium LLC's waiver of its customer and revenue covenants under its $800 million Senior Secured Credit Facility expired today. An event of default has occurred under this Secured credit Facility as well as its $750 million Guaranteed Credit Facility. Iridium LLC is continuing to consider options for restructuring its capital structure. 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 IP LLC. Posted: 08/11/1999 05:25 pm EDT as a reply to: Msg 25875 by ricksters

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