IRID - Iridium World Communications IPO Announced! Message Board

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Technology Stocks : IRID - Iridium World Communications IPO Announced!

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To: Rocket Scientist who wrote (2582)	3/8/2000 9:34:00 PM
From: Ilaine	Read Replies (1) of 2693

From March 6, 2000 AviationNow - >>Iridium Gets Extension To March 17 by Dee Ann Davis Iridium LLC has received an extension on its financing until March 17 from the U.S. Bankruptcy Court for the Southern District of New York. According to a source knowledgeable of the proceedings, they have also received an expression of interest from a second possible buyer and have until March 15 to explore that option. According to court documents the money in question is $3 million in cash collateral and the lenders have agreed to the extension. Last week, Craig McCaw's Eagle River Investments, which had expressed an interest in buying Iridium, declined to proceed. Eagle River will focus instead on ICO Global Communications and Teledesic LLC, both of which will be more oriented towards the transmission of data. The motion before the court also requested permission to develop a plan to deorbit the satellites should another buyer not be found. The planning needs to begin now, said the court documents, if the necessary software was to be in place and the deorbiting completed by March 17.<< aviationnow.com

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