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: Ilaine who wrote (2589)	3/16/2000 8:03:00 PM
From: Ilaine	Read Replies (1) of 2693

Wednesday March 15 6:41 PM ET Iridium Gets Bankruptcy Extension By BRUCE MEYERSON, AP Business Writer NEW YORK (AP) - Iridium LLC clung to its tenuous orbit on Wednesday as a bankruptcy court extended the deadline for the satellite-based mobile phone company to find a new backer. The latest last-minute lease on life came with only hours to go before Iridium would have been forced to begin closing down its pioneering service and literally go down in flames - by yanking its satellites from orbit to burn up in the earth's atmosphere. It wasn't immediately clear whether the extension had been granted because a new potential bidder had stepped forward to provide a temporary infusion of operating funds. Calls to Iridium's office and its lawyers weren't immediately returned. The company had been facing a Wednesday deadline to find a qualified buyer willing to provide interim operating funds. Without the emergency extension granted Wednesday, the company would have ceased doing business after a hearing on Friday. Iridium now has at least until the next hearing date, scheduled for March 27, at which time the company's request for an additional 45-day extension will be considered. A ruling on that request, made in a filing last week, was expected on Wednesday, but had been postponed due to a personal emergency for the judge in the case, Cornelius Blackshear. The extension, requested with the consent of Iridium's creditors, came less than two weeks after wireless magnate Craig McCaw abandoned plans to invest in the debt-plagued company. Iridium, which has mustered only 50,000 subscribers since launching service in the fall of 1998, has debts of about $4.4 billion.

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