Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : IRID - Iridium World Communications IPO Announced! -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (2589)	3/16/2000 8:03:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 2693

Wednesday March 15 6:41 PM ET Iridium Gets Bankruptcy Extension By BRUCE MEYERSON, AP Business Writer NEW YORK (AP) - Iridium LLC clung to its tenuous orbit on Wednesday as a bankruptcy court extended the deadline for the satellite-based mobile phone company to find a new backer. The latest last-minute lease on life came with only hours to go before Iridium would have been forced to begin closing down its pioneering service and literally go down in flames - by yanking its satellites from orbit to burn up in the earth's atmosphere. It wasn't immediately clear whether the extension had been granted because a new potential bidder had stepped forward to provide a temporary infusion of operating funds. Calls to Iridium's office and its lawyers weren't immediately returned. The company had been facing a Wednesday deadline to find a qualified buyer willing to provide interim operating funds. Without the emergency extension granted Wednesday, the company would have ceased doing business after a hearing on Friday. Iridium now has at least until the next hearing date, scheduled for March 27, at which time the company's request for an additional 45-day extension will be considered. A ruling on that request, made in a filing last week, was expected on Wednesday, but had been postponed due to a personal emergency for the judge in the case, Cornelius Blackshear. The extension, requested with the consent of Iridium's creditors, came less than two weeks after wireless magnate Craig McCaw abandoned plans to invest in the debt-plagued company. Iridium, which has mustered only 50,000 subscribers since launching service in the fall of 1998, has debts of about $4.4 billion.