A step closer to insolvency

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.

Facebook Comments

New comment


Captcha

Associated articles

New Release of Unisys Baggage Reconciliation System Helps Enhance Security and Efficiency of Baggage Handling at Airport

Unisys Corporation (NYSE: UIS) announced enhancements to its Baggage Reconciliation System (BRS) featuring more detailed information about baggage handling requirements for incoming flights, real-time monitoring and alerts of service level agreements (SLAs), and a mobile app to provide passengers with live updates on when and where to collect their bags. more »

Samsung gains tablet market share as Apple lead narrows

Samsung doubled its share of the tablet PC market in the last three months of 2012, research firm IDC has said. more »

Facebook boss insists site is not making a phone

Facebook boss Mark Zuckerberg has strongly denied the social network is planning to release its own phone. more »

Google TVs get gaming service via LG deal

The OnLive gaming service is to be made available to Google TV users, following a deal with electronics firm LG. One of a handful of firms making hardware for Google TV. LG's G2 series sets have Google's TV service built in. more »

Blackberry introduces free wi-fi calls on BBM

Blackberry has become the latest smartphone to offer free wi-fi calls to users via its own software. Research In Motion (RIM) has added the facility to its Blackberry Messenger (BBM) app, which already offered an alternative to text messages. more »

2012 SIIA CODiE Awards

We are delighted to announce that on 26th of January SafeNet Sentinel Cloud was awarded the SiiA 2012 Best Digital Rights Management Solution! more »

Anti-internet piracy law adopted by Spanish government

The Spanish government has approved tough new legislation which could see websites deemed to be trading in pirated material blocked within ten days. more »

Los Angeles World Airports Selects Unisys to Upgrade ID Card Reader System and Network

The Los Angeles World Airports (LAWA), which oversees airport operations for the city of Los Angeles, has awarded a contract modification to Unisys (NYSE: UIS) to upgrade its access control and alarm monitoring system, used to identify the 45,000 airport employees, contractors, police and others who work at the organization’s three airports. more »

Unisys Strengthens Enterprise-Class Cloud Offerings with New Version of Secure Private Cloud Solution

Unisys Corporation (NYSE: UIS) today announced Version 2 of its Unisys Secure Private Cloud Solution, the company’s flagship cloud solution for clients’ and cloud service providers’ data centers. more »

Fake Apple stores found in China

An American blogger has discovered three fake Apple stores operating in Kunming city, China. more »