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Technology Stocks : IRID - Iridium World Communications IPO Announced! -- Ignore unavailable to you. Want to Upgrade?

To: CMon who wrote (2313)	8/11/1999 11:09:00 AM
From: Marty Rubin	Read Replies (2) \| Respond to of 2693

Veba Takes EU108 Million Charge for Iridium in First Half Dusseldorf, Aug. 11 (Bloomberg) -- Veba AG, Germany's largest utility, said in the first half it took a 108 million euros ($115.7 million) charge to write down its stake in Iridium LLC, the cash-strapped global satellite-telephone company. Iridium LLC, which runs the first global satellite-telephone network, is 86 percent-owned by 19 investors, which also include Lockheed Martin Corp., Raytheon Co., Sprint Corp. and American International Group Inc. Veba said it wrote down its stake in Iridium amid the ''bad outlook.'' Iridium LLC investors can expect to receive some compensation under the debt-laden global satellite-telephone company's restructuring plan, Chief Financial Officer Leo Mondale said on July 26. Washington-based Iridium last month received its third extension until Aug. 11 from banks to meet conditions on $800 million in loans. Veba said today first-half net income tripled to 2.1 billion euros. Aug/11/1999 7:31 (C) Copyright 1999 Bloomberg L.P.