Teledesic Likely to Unveil Revised Strategy Next Wednesday
5/12/00 11:30:00 AM
Source: Bloomberg News
URL: cnetinvestor.com
Bellevue, Washington, May 12 (Bloomberg) -- Teledesic LLC, the satellite company led by cellular-telephone pioneer
Craig McCaw, plans on Wednesday to unveil a revised strategy and possible new investors for its network providing
Internet access.
Teledesic plans to make an announcement after ICO Global Communications Ltd. emerges from bankruptcy protection,
expected next Tuesday, said spokesman Roger Nyhus. The plan could include cutting the number of satellites in its network,
the company has said.
Teledesic had planned to offer high-speed Internet access anywhere in the world using 288 low-earth-orbiting satellites. It
has raised about $1.5 billion from Microsoft Corp. Chairman Bill Gates, Motorola Inc., Saudi Prince Alwaleed bin Talal,
Boeing Co. and others as of September.
McCaw acquired ICO Global, a cash-strapped satellite-phone company, last year and said he is considering combining
ICO with Bellevue, Washington-based Teledesic. ICO filed for Chapter 11 bankruptcy protection last August.
McCaw is using his stake in Nextel Communications Ltd., a U.S. wireless telephone company that sells service to
businesses, to help finance the acquisition of London-based ICO. |
