Iridium LLC Announces End of Service
March 17, 2000 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 worlds 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.
Iridium is a registered trademark and service mark of Iridium IP LLC.
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