Iridium defaults on loans worth more than $1.5 billion.
Published:
14 August 1999 y., Saturday
Iridium World Communications LLC said it had defaulted on loans totaling more than $1.5 billion, pushing the struggling operator of a $5 billion global satellite telecommunications network another step closer to insolvency. THE DEFAULTS - on an $800 million loan and another $750 million loan - occurred after Iridium failed to meet customer and revenue growth targets required under the $800 million loan. Its third extension on the $800 million senior secured loan expired Wednesday, triggering the subsequent default on the other loan, Iridium spokeswoman Michelle Lyle said. Iridium did not ask for another extension, she added.The default, which has the potential to lead Iridium down the path to bankruptcy, also could hurt telecommunications equipment supplier Motorola Inc., Iridium_s original backer, a key shareholder and one of its loan guarantors.Motorola holds about 18 percent of Iridium equity, Motorola spokesman Scott Wyman said. The Schaumburg, Ill.-based company is the guarantor of the $750 million loan in default. The other $800 million loan is secured by another party, he said.
Šaltinis:
MSNBC
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Software company announced new structure_ of it_s business.
more »
A number of MEPs urged Internal Market Commissioner Michel Barnier to come up with common rules to regulate cross border online gambling in Europe.
more »
Think before you post as once you do it is online forever. That was the message on Safer Internet Day marked on 9 February by a seminar in the European Parliament.
more »
50% of European teenagers give out personal information on the web – according to an EU study – which can remain online forever and can be seen by anybody.
more »
When did the Commission start working on social networking sites?
more »
ICSA Labs, an independent division of Verizon Business, is the first independent security-product testing and certification laboratory to earn ISO/IEC 17025 accreditation, validating the laboratory's world-class capabilities.
more »
From today, European citizens, businesses and organisations can register .eu website names using characters from all 23 official languages of the European Union.
more »
Authorities investigated 301 mobile phone services websites in follow-up to EU crackdown on misleading consumer practices.
more »
After nearly 2 years of legislative work the Telecom Package is due to be put to a final vote in Parliament on 24 November in Strasbourg.
more »
The Christian Science Monitor reports that three men have been named as being the masterminds behind the hacking of RBS WorldPay, a subsidiary of the Royal Bank of Scotland.
more »
BAI’s Banking Strategies Insights reports that banks must get serious about improving their ATMs, especially in the area of envelope-free deposit.
more »