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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: Geoff who wrote (1880)	9/9/1998 6:08:00 PM
From: donss	Read Replies (1) \| Respond to of 29987

geoff, I listened to the G* hotline also, they did not state how many satellites had been acquired. The acquisition at 1:55pm should be from the Korean tracking station which did not acquire all the satellites as I understand. We still need to hear confirmation from Argentina that all satellites have been acquired. Does anyone have any new info? -Don

To: Geoff who wrote (1880)	9/10/1998 12:39:00 AM
From: djane	Respond to of 29987

S&P Revises Outlook on Iridium to Negative Wednesday September 9, 4:41 pm Eastern Time Company Press Release NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/9/98--Standard & Poor's today revised its outlook on Iridium Operating LLC/Iridium Capital Corp.'s (Iridium) ratings to negative from stable. The outlook revision reflects today's announcement that the commercial operation date of the Iridium satellite system has been delayed to Nov. 1, 1998 from Sept. 23, 1998. At the same time, Standard & Poor's affirmed its ratings on Iridium (see table below). However, if the Nov. 1 targeted date is not met, Iridium's ratings could be in jeopardy. Any further delays could adversely impact the expected materialization of subscriber demand and concomitant realization of positive cash flow by year end 1999. Furthermore, any further delay could impact certain milestones incorporated in the company's $1 billion secured bank facility. Total debt outstanding is about $2.3 billion. The delay of commercial operation is due to the company requiring additional time for service quality testing and improve processing of orders at the gateways. In the interim, commencing Sept. 23, the company is expected to use a controlled subscriber base of 2,000 who will test out the system and provide information on customer satisfaction. Iridium's current $1 billion bank facility supports its capital and operating requirements through year end 1998. Upon commercial operation of the Iridium system, this bank facility is expected to be replaced with a $1.7 billion facility . The new bank facility is expected to support the company's funding needs through year end 1999, when the company is anticipated to be cash flow positive. OUTLOOK: NEGATIVE Cash flow measures are expected to be weak through 1999 due to the start-up nature of the company. Any further delay in the commercial operation of the Iridium system could jeopardize current rating levels, Standard & Poor's said.---CreditWire OUTSTANDING RATINGS AFFIRMED Corporate credit rating B Senior unsecured debt rating B- Secured bank loan rating B Bank loan rating gtd by Motorola Inc [NYSE:MOT - news]. AA- Contact: Rosemarie Kalinowski, 212/208-1645 For more information on criteria or subscriptions: ratings.standardpoor.com More Quotes and News: Motorola Inc (NYSE:MOT - news) Related News Categories: aerospace/defense, banking, computers, semiconductors, telecom Help Copyright c 1998 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving ina public database, redistributing via a computer network or in a printed form. See our Important Disclaimers and Legal Information. Questions or Comments?