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To: Dennis Roth who wrote (10901)	3/17/2000 9:54:00 AM
From: Dennis Roth	Respond to of 29987

Japan's Kyocera to pull out of Iridium Source URL: asia.dailynews.yahoo.com TOKYO, March 17 (AFP) - Japan's Kyocera Corp. said Friday it would withdraw from Iridium, the satellite telephone firm that has filed for bankruptcy protection. "Our company will no longer provide investment or supply equipment for Iridium," Kyocera president Yasuo Nishiguchi said in a statement. The world's largest maker of integrated circuit ceramic packages joined the project in 1993 by controlling 10 percent of Nippon Iridium Corp., the operator of the satellite communications system in Japan. Kyocera declined to unveil its total investment in the project. "We invested at least 2.6 billion yen (25 million dollars) in Nippon Iridium, but that's not our total investment in the Iridium businesses," said Takahisa Odou, a spokesman for the firm. On Thursday, Nippon Iridium applied to the Japanese government for approval to end its service on the grounds that its US parent, Iridium LLC, filed for bankruptcy last August. Iridium, established in November 1998, filed for bankruptcy in the United States under Chapter 11 in August after disclosing it would be unable to meet its obligations on loans worth 1.5 billion dollars. Chapter 11 allows an indebted company to retain control of its operations while it restructures and works out arrangements with creditors. Iridium functions with 66 low earth-orbiting satellites in conjunction with existing terrestrial cellular networks, but it has been plagued by technical problems and complaints about high prices.