Iridium LLC announced today that it would terminate the provision
of commercial service as of 11:59 p.m. EST on Friday, March 17, 2000. The U.S. Bankruptcy
Court for the Southern District of New York approved use by the Company of its secured
lenders’ cash collateral to commence the wind down of its operations and the sale of
its assets.
Motorola has advised Iridium that it intends to maintain the Iridium satellite system
for a limited period of time to allow subscribers in remote locations to obtain
alternative communications.
"I am deeply saddened by this outcome," said Iridium COO Randy Brouckman.
"I particularly regret the impact this will have on our customers. Iridium achieved
significant milestones, and I want to thank the more than 160 countries that licensed the
service and the distribution partners around the world who helped market Iridium. Finally,
I have had the honor and privilege to work with a world class team both here at Iridium
LLC and at our Gateway partners around the world and I want thank them for all their hard
work."
Iridium LLC filed for Chapter 11 bankruptcy protection on August 13, 1999.
Iridium LLC became the world’s first global satellite phone and paging company on
November 1, 1998. Its network of 66-low earth orbiting satellites combined with existing
terrestrial cellular systems enables customers to communicate around the globe. Iridium
World Communications, Ltd. (IRIDQ) is the public investment vehicle of Iridium LLC.
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Iridium is a registered trademark and service mark of Iridium IP LLC.
Additional media contacts:
Robert Beury
Iridium LLC
