Nippon Iridium Prepared to Support U.S. Parent, Nikkei Says
Tokyo, Aug. 12 (Bloomberg) -- Nippon Iridium Corp. will grant any request for assistance from Iridium
LLC of the U.S. to help with its restructuring, Nikkei English News said, citing unidentified company
sources. Nippon Iridium, the Japanese arm of the global satellite mobile phone service, is 58.7 percent
owned by Japanese telecommunications company DDI Corp., an affiliate of Kyocera Corp., and DDI
Corp. affiliates. DDI is prepared to put up ``several billion yen' in additional funds, a DDI official said,
according to the report.
Iridium LLC, the cash-strapped satellite-telephone company, yesterday defaulted on bank loans totaling
more than $1.5 billion after its lenders failed to extend a deadline for the company to meet conditions.
(NEN, 8/12, www.nikkei.co.jp)
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