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To: Sawtooth who wrote (6934)	8/27/1999 2:09:00 PM
From: mmeggs	Read Replies (1) \| Respond to of 29987

More ICO news: WASHINGTON (Dow Jones)--ICO Global Communications Services Inc. and three affiliates Friday filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Wilmington, Del., Federal Filings Business News reported. The affiliated debtors are ICO Global Communications (Holdings) Ltd. (ICOGF), ICO Global Communications (Operations) Ltd. and ICO Global Communications Holdings B.V. Parent company ICO Global Communications Services Inc.'s Chapter 11 filing lists around $41 million in assets and $18.3 million in liabilities, whereas its Bermuda-based affiliate, ICO Global Communications (Holdings) Ltd., lists $2.57 billion in assets and $1.18 billion in liabilities. ICO's Cayman Islands-based affiliate, ICO Global Communications (Operations) Ltd., resolved Friday to commence a winding up proceeding in the Caymans, where the appointment of provisional liquidators will be sought. The Cayman affiliate's petition lists $2.33 billion in assets and $2.32 billion in liabilities. ICO Global Communications Holdings B.V., based in the Netherlands, listed $707 million in assets and $694 in liabilities. As reported, earlier this week ICO's bondholders threatened to abandon a planned $1.4 billion rescue package for ICO Global Communications (Holdings) Ltd., after the company revealed that it is having trouble raising funds for its $3 billion project to launch a mobile satellite-phone service. The bondholders can demand redemption of their senior notes at face value if the two sides fail to reach an agreement. Such an action reportedly could cost ICO up to $525 million and would likely kill any prospect the company has of raising additional funds. The company is struggling in the wake of Iridium LLC's (IRIDQ) Chapter 11 filing earlier this month.