Posted: Friday, March 17, 2000
Iridium LLC today notified the U.S. Bankruptcy Court that Iridium LLC had not been able to attract a qualified buyer by the deadline set by the court. Iridium LLC announced that it will terminate its provision of commercial service after 11:59 p.m. tonight, and that it will begin the process of liquidating its assets.
Motorola, Inc. (NYSE:MOT) today issued the following statement:
Motorola will maintain the Iridium satellite system for a limited period of time, while the deorbiting plan is being finalized. During this period, we also will continue to work with subscribers in remote locations to obtain alternative communications. However, the continuation of limited Iridium service during this time will depend on whether the individual gateway companies, which are separate operating companies, remain open.
Motorola is extremely disappointed that Iridium LLC has not succeeded in its effort to emerge from voluntary bankruptcy. Motorola and other Iridium investors have worked very hard to support Iridium LLCs efforts to reorganize and continue operating the business. Unfortunately, that has not happened.
Iridium is an example of a proven, pioneering technology. Many of our finest people worked together worldwide to implement a global communications system that was, from a technology standpoint, an extraordinary achievement. Going forward, Motorola will continue to look for new opportunities that will provide a path to the future. But, as in the case of Iridium, Motorola will continue to absorb the risk through a conservative management of its balance sheet.
In order to support those customers who purchased Iridium service and equipment directly from Motorola, customer support call centers and a website that are available 24 hours a day, seven days a week have been established by Motorola. Included in the information for customers is a list of alternative satellite communications services.
Motorola, Inc. (NYSE:MOT) is a global leader in providing integrated communications solutions and embedded electronic solutions. Sales in 1999 were $30.9 billion.
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