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News > Technology
ICO Global files Chapter 11
August 27, 1999: 3:35 p.m. ET

Second satellite telecom firm this month to file for bankruptcy protection
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NEW YORK (CNNfn) - Satellite telecommunications firm ICO Global filed for Chapter 11 bankruptcy protection Friday, becoming the second such firm this month to seek protection from its creditors.
     The London-based company has raised $3.1 billion to date, but it needs another $1.4 billion for what had been the scheduled launch of service in the fourth quarter.
     Michael Johnson, an ICO spokesman, told CNNfn the filing permits deferral of obligations to its equipment suppliers, including Hughes Electronics, which is manufacturing 12 satellites for ICO.
     ICO made the filing in Bankruptcy Court in Delaware.
     ICO's biggest investor is satellite consortium Inmarsat, which owns 9 percent of ICO.
     ICO's bankruptcy filing comes two weeks after Iridium LLC filed for Chapter 11 protection.
     Satellite telecom provider Globalstar Telecommunications (GSTRF) stands to benefit from the troubles plaguing both ICO and Iridium. Globalstar is scheduled to launch its service in the fall.
     Globalstar shares climbed 13/16 to 28-1/2 in afternoon trade. Back to top

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Iridium files for Chapter 11 - Aug. 13, 1999




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