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To: djane who wrote (7754)	10/6/1999 7:52:00 PM
From: djane	Read Replies (1) \| Respond to of 29987

ICO chairman Lundberg quits Reuters Story - October 06, 1999 05:52 LONDON, Oct 6 (Reuters) - Troubled ICO Global Communications, the Nasdaq-listed satellite communications group that has filed for Chapter 11 bankruptcy, said on Wednesday its Executive Chairman Olof Lundberg had resigned. Lundberg, who will be replaced by former deputy chairman of the board of directors Klaus Hummel, was the founding chief executive of ICO in 1995. He gave no reason for his departure. "ICO has the right technology and the right business strategy," he said in a statement. "I am confident ICO will be successful in raising the necessary additional financing to continue building on its strong foundations." ICO still hopes to launch its services in the fourth quater of the year but needs to raise at least another $1.0 billion. It has secured around $3.0 billion so far and a spokesman said talks with potential lenders were continuing. Hummel, also a member of the board of directors at DeTeMobil, the wholly-owned cellphone subsidiary of Deutsche Telekom AG , has been on the ICO board since the business's formation. ICO's financial troubles came in the wake of those of rival Iridium LLC, which also filed for bankruptcy protection in August, but two weeks earlier than ICO.