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To: WR who wrote (10879)	3/17/2000 9:20:00 AM
From: Dennis Roth	Read Replies (1) \| Respond to of 29987

Nippon Iridium to Close "Even if an investor emerges at the last moment" Source url: nikkeibp.asiabiztech.com Nippon Iridium Applies to Close its Satellite Business March 17, 2000 (TOKYO) -- Nippon Iridium Corp., a provider of satellite phone and pager services, filed an application with the Minister of Posts and Telecommunications for permission to close its business. The company plans to put an end to its services on March 18, and to decide on its dissolution at an extraordinary meeting of its shareholders on March 31. Iridium LLC of the United States is the parent company of Nippon Iridium and the main operator of the Iridium satellite phone and pager business. It filed for Chapter 11 bankruptcy protection in the U.S. Federal Bankruptcy Court in August 1999. Chapter 11 is a law similar to Japan's Corporate Rehabilitation Law. There was a chance that the company could have found investors who might have purchased its assets. Otherwise the assets will be auctioned. However, Iridium LLC, had yet to find such investors as of 4 p.m. on March 16 (Japan Standard Time). If the company cannot find any investors by the deadline, it will be forced to halt its satellite-based global mobile communications system on March 17 (U.S. EST). Nippon Iridium decided to close its business. "Even if an investor emerges at the last moment, there remains many uncertain factors involving the Iridium business, and it would be difficult for us, as a Type-1 telecom carrier, to continue offering the services with a sense of responsibility," a company official said. Related story: Nippon Iridium Stops Accepting New Subscribers (Nikkei Communications)