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To: Valueman who wrote (7885)	10/18/1999 9:19:00 PM
From: djane	Read Replies (1) \| Respond to of 29987

ICO Gets $225 Mln Financing Commitment From Investors Bloomberg News Monday, October 18 1999 05:34 PM EDT London, Oct. 18 (Bloomberg) -- ICO Global Communications Ltd., the second satellite-telephone company to file for bankruptcy protection, said it got a commitment for ``substantially' more than $225 million of the $1.2 billion it needs to finance its system. ICO received non-binding letters of intent for $225 million, the first part of a three-stage financing package, ICO spokesman Joe Tedino said. The financing is from current and new investors. ICO could get a firm commitment from the investors in the next three weeks, Tedino said. ICO's Chapter 11 filing in late August followed Iridium LLC's by two weeks. Iridium, the first to offer satellite- telephone calling, stumbled in marketing the service, and its troubles may have played a role in ICO's failure to win backers for its $4.6 billion system, analysts and investors have said. ``We are moving along with refinancing,' Tedino said. ``We are getting very strong interest that this commitment will be met.' ICO said it needs to raise about $1.2 billion to pay for operations before starting service in April 2001. Earlier, it had predicted it would begin service in October 2000. ICO might scale back its satellite constellation to eight primary satellites rather than the 10 that was originally proposed, the company said. The original design was for 10 satellites and two spares. ICO's top investors include NEC Corp. and Hughes Electronics Corp., a unit of General Motors Corp. Hughes, based in El Segundo, California, has a 4 percent stake in ICO and is building ICO's 12 satellites. Hughes has contracts and agreements valued at about $500 million from ICO, according to a U.S. Securities and Exchange Commission filing. Shares of London-based ICO were halted on Aug. 27 and haven't traded since. At 3 5/8, they had fallen 67 percent since the beginning of the year. BBG/ICO-Gets-$225-Mln-Financing-Commitment-From-/ Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities. ¸ Copyright 1999 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.