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Will Iridium Bankruptcy Buyout Be Deal Of the Century
New York - Nov 16, 2000 The U.S. Bankruptcy Court for the Southern District of New York today approved the bid of Iridium Satellite LLC to purchase the operating assets of Iridium LLC and its subsidiaries. Under the agreement, Iridium Satellite LLC will purchase all of the existing assets of Iridium LLC, including the satellite constellation, the terrestrial network, Iridium real property and intellectual property owned by Iridium LLC. Iridium Satellite LLC will continue to provide commercial satellite communications to the U.S. government and plans to re-launch affordable satellite communications services to those industry segments that have a particular need for satellite communications (government, military, humanitarian, heavy industry, maritime, aviation, adventure) within 60 days. The Chairman of Iridium Satellite is Dan Colussy, a veteran of the aviation industry. Colussy's previous senior leadership positions include Chairman, President and CEO of UNC; Chairman, President and CEO of Canadian Pacific Airlines and President and COO of Pan American World Airways. Iridium Satellite LLC has contracted with the Boeing Company to operate and maintain the satellite constellation. Motorola has agreed to continue to provide subscriber equipment on commercially acceptable terms. Community Email This Article Comment On This Article Related Links SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Orbcomm's Equity Financings Complete
Bremen, Germany (SPX) Jan 06, 2006OHB Technology affiliated company Orbcomm has announced that it has completed equity financings totaling over $110 million led by Pacific Corporate Group (PCG), which committed $60 million. New investors, in addition to PCG, include investment firms MH Equity Investors and Torch Hill Capital. |
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