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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: djane who wrote (5274)	6/22/1999 10:28:00 AM
From: djane	Respond to of 29987

06/22 08:09 S&P may cut ICO Global <ICOGF.O> B corp credit (Statement issued by the ratings agency) LONDON, June 22 - Standard & Poor's today placed its single-'B' corporate credit and its triple-'C'-plus senior unsecured ratings on ICO Global Communications (Holdings) Ltd. on CreditWatch with negative implications. The CreditWatch action follows ICO's recent announcement that, for a second time, it is extending the closing date of its rights offering because of an inability to date to get commitments from its shareholders for the minimum $500 million. ICO has announced that it will now consider amending the price, quantum, terms, and conditions of the rights offering and will seek outside investors, as well as proceeding with a 'cash conservation' plan. The CreditWatch placement reflects Standard & Poor's concerns regarding ICO's short-term liquidity position. Standard & Poor's will resolve the CreditWatch placement following a full review of the business and financial risks that ICO faces. The review will focus on the uncertainty regarding ICO's ability to raise the funds it requires to commercially launch its services, scheduled for the second half of 2000. To date, ICO has raised about $3.0 billion of the $4.7 billion required. ICO's funding problems are at least in part linked to the negative developments in other similar ventures. Therefore, Standard and Poor's is also reviewing the overall sector of satellite-based mobile services and the potential level of demand for the product. ((London Capital Markets +44 171 542 6701, fax +44 171 542 5285 paul.bolding@reuters.com))