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

To: Goodboy who wrote (1472)	3/29/1999 12:10:00 PM
From: Jeff Vayda	Read Replies (1) \| Respond to of 2693

Goodboy: Iridium has notified its bank lenders that it is in the process of revising its revenue and customers estimates in light of these initial delays and that it intends to request a modification of the minimum revenue and customer level covenants in the secured bank facility once this revision is complete. Downward revision is evidently the view of I* management as well. I think they are only asking for a 60 day extension because they feel the numbers will start ramping up soon. The management has been confident all along, time will tell if the confidence has any basis in fact. Jeff Vayda