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To: Frank A. Coluccio who wrote (4966)	8/13/1999 5:56:00 PM
From: Frank A. Coluccio	Read Replies (2) \| Respond to of 12823

Aug. 13, 1999 Iridium filed for Chapter 11 bankruptcy protection, just hours after a group of senior noteholders filed a involuntary petition against two units of the troubled satellite-phone firm. Iridium said service to its customers would be unaffected by its action, adding that Motorola Inc. -- its largest investor and the 66-satellite system's operator -- would continue to offer full operational support. "The action is the most efficient way to conclude Iridium's restructuring negotiations," John A. Richardson, Iridium's chief executive officer, said in a statement. "We are confident that Iridium will emerge from this process as a stronger and more vibrant company in the telecommunications marketplace." Its major stakeholders had voiced support for the action, Iridium said. "We are encouraged by Iridium management's decision to pursue this course for restructuring the business," Motorola said in a statement released by Iridium. "Given the progress being made to date to restructure Iridium's capital structure, we are optimistic that a restructuring plan can be accomplished within 30 days." FOR MORE INFORMATION, see: interactive.wsj.com